« Loan Modification Refinance Making Home Affordable – Quicken Loans
What’s the best mortgage interest rate I can get in Northern Virginia at this time? »

I have a 5/1 FHA 30 yr mortgage – though the interest rate is 6.0% and the APR is 5.75%- is this possible ?

I have been under the understanding that the APR is always higher – though settlement papers list 5.75% APR and 6.0 rate……….

Related FHA and HUD Posts

Tags: , , , , , , , , ,
Tags: , , , , , , , ,

This entry was posted on Tuesday, January 12th, 2010 at 10:33 am and is filed under FHA Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Top incoming search terms for this post

3 Responses to “I have a 5/1 FHA 30 yr mortgage – though the interest rate is 6.0% and the APR is 5.75%- is this possible ?”

  1. muneepenee says:
    January 12, 2010 at 10:48 am

    add 0.25% for FHA inshuer

  2. Ed Atun says:
    January 12, 2010 at 10:58 am

    The APR is a mistake, It is always higher than the actual interest rate. It has to be since all the loan fees are added in. Unless the lender gave you a $3,000 gift at closing.

  3. Charly Bravo says:
    January 12, 2010 at 11:51 am

    This is you paying your mortgage broker 0.25% every month, they like you a lot!

    My first suggestion is get this refinanced to a 30 year fixed if you intend to live in this location past the time in which this 5/1 ARM is going to adjust. Otherwise it is not a huge deal, but next time you will know that you are paying them on the back end, and you probably paid them on the front as well.

Leave a Reply

Tags: 5.75%,  6.0%,  Interest,  mortgage,  possible,  rate,  settlement papers,  this,  though, 

Recent Posts:

Geting a Home Loan May be Less Stressful
AllRegs Academy’s FHA Recent Changes: Products, Guides and Policies
Va Jumbo Loans Home Loan Limits for 2008
Refinancing Your Home With an FHA Mortgage
Home Loans After Bankruptcy

Related results on I have a 5/1 FHA 30 yr mortgage – though the interest rate is 6.0% and the APR is 5.75%- is this possible ?

  1. Friday's Rates Up Following the Jobs Report | Rain City Guide

    Pricing criteria same as FHA above with loan amounts up to $417000. This scenario is based on a $400000 base loan amount. 30 Year Fixed @ 1 Pt: 5.75% (APR 5.968%). arrowupred 0.375% to rate. VA. Pricing based on credit scores of 620 or better based on loan amounts up to ... I typically post rates every Friday at RCG and Mortgage Porter. Typically I post RCG's first and MP's second in the event we have rate changes (and I include my rates from MP with my video email). ...

  1. Post Your Questions to our Experts | KTEH Facing the Mortgage Crisis

    If you would like to secure your loan at the current lower-interest rates, it may be a good time to take advantage of this option for a possible rate-and-term refinance. However, there are a lot of other factors to consider when looking ..... My original loan was supposed to be a 1.95% fixed rate 30 year loan. I soon found myself dealing with Wachovia Bank in a ?pick a payment? situation with an adjustable rate mortgage. I have had a Forensic Audit done and there seems to ...

  1. Ask the Readers: When Does It Make Sense to Refinance a Mortgage?

    I refinanced my house 6 months ago when it looks like rates had dropped as far as they could. Now it looks like I should have held out a little longer. I ended up going from a 6.75% to a 5.5% FHA 30 year fixed. Still a good move on my part, ...... We have refinanced twice in the last year for a lower interest rate with a mortgage company that charges no closing costs and has fantastic rates. Each time we've done 15-year mortgages. Our current rate is 5.75, but right now, ...