How much higher should APR than the interest rate on a home loan?

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May 4, 2015
6:41:52pm

ballen

Was just quoted an APR that is .6% higher than the interest rate that I was quoted. Does that seem reasonable?

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ballen

Bio page: ballen
Joined: Mar 7, 2011
Last login: Apr 30, 2024
Total posts: 16,243 (147 FO)

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Messages

Author

Time

How much higher should APR than the interest rate on a home loan?

ballen

5/4/15 6:41pm

Depends on what type of loan it is. If it involves PMI, maybe.

mulletYno

5/4/15 6:49pm

There is PMI. Still a hose job? Seems higher than I was expecting.

ballen

5/4/15 6:53pm

FHA loan? Then yes.

monteburns

5/4/15 6:59pm

If FHA, run and hide and get a conventional loan with 3% down instead.

mulletYno

5/4/15 7:01pm

It's conventional with 5% down.

ballen

5/4/15 7:02pm

Most of our APRs are usually within .125% of the note rate.

mulletYno

5/4/15 6:50pm

There are too many variables to answer your question in the abstract.

argus

5/4/15 7:00pm

Seems high to me. Talked to the dude on the phone last week and this APR is .5%

ballen

5/4/15 7:04pm

You should get a quote from one of the CB guys.

ChubbyChaser

5/4/15 7:19pm

Who are they?

ballen

5/4/15 7:21pm

RE: Who are they?

ChubbyChaser

5/4/15 7:23pm

1/2 % origination fee

tambourine1970

5/4/15 7:45pm

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