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01-20-2012, 09:26 PM
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APR & Interest Rate Mortgage Question?
I am getting a mortgage (Purchase Price 97000 with seller paying 4000 in closing costs) and I have paid down 1.125 points to get a 3.750 interest rate. I got my GFE and the APR is like 4.7%... There is a loan origination fee of 350 and another fee like that of 250.Are they killing me on the back end here? Why so high? Im stressed. Its two weeks until I close!
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01-21-2012, 03:18 AM
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That's normal.APR shows the interest rate as an annual figure for all costs involved (minus specific "pre-paid" fees that are not included; check your truth in lending addendum for info on those fees).If you feel like you're getting a poor deal, make an application with another lender and examine their TIL.
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