Currently at 6.25% and working with lender to either go to 4.75% with buy down fee or 5.25% with no fees and lender credits. Leaning towards the 5.25% and No Va funding
The following is the breakdown of the closing costs at 4.750%
Discount points: 5,644 (1.254% of the loan amount)
Credit report: 24
MERS Fee:25
Flood Cert:8
Tax Service:85
Notary Fee:150
Title Ins:518
Settlement Fee:410
Recording Fee:30
Total 6,894
Payment at 4.750%: 2,930
At 5.250%, you will not have to buy down the rate. You will actually have lender credits that will pay for ALL the costs. AFTER all the costs are paid there are about $700 additional credits that will go towards your escrows. So in total there's about a $7600 difference between the two rates.
When I adjust the estimated loan amount you would be looking at $3,027 for 5.250%.
IRRL numbers. Does this look okay?
byu/KushyKronic inMilitaryFinance
Posted by KushyKronic
2 Comments
I would absolutely take the no fee 5.25 and wait for rates to drop further
Dang, that’s a good deal. Who is that through?