Mortgage Loans - First time home buyer, making sense of what I am offered.
House Price: $110,000
Down payment: 20% / $22,000 (although one loan cost worksheet was based off a 15% down payment)
Location: Houston, Texas
Credit Score (according to one of the broker's): 745~
I made a spreadsheet covering all the loans I have been offered and the numbers here (I apologize that it may seem disorganized or very unclean):
CompanyA suggested putting a 15% down payment, although they mentioned they could easily bump it up to 20% and change the numbers.
My two questions are should I keep shopping? I asked and supposedly my rates are higher because the loan amount is small ($88,000). Also, I'm starting to get tired of all this shopping. I am a first time home-buyer, so I'm not really sure if I'm being ripped off or what. I feel like the loan origination fees are excessive (maybe if my loan was 2x the amount), but it seems they all are going high in this case.
Does anyone have any advice, or think that I should pick an offer? If so, should I go with B because it is the lowest total cash amount, or C because the APR rate is the lowest (although by a little)?
Posted Feb 17, 2017, 2:34 AM UTC · edited