Closing The Deal?

I am going with my dad to do paper work on a mortgage loan for a 30 year fixed loan for $78,900. He is co signing for my loan and was quoted a rate of 6.625%. Is that a good rate or could we do better somewhere else? Also......any %26quot;fine print%26quot; or details we need to watch out for or be aware of? Any good questions we need to ask before we commit to it. The bank is Bank Of Oklahoma....ANY advice is GREATLY appreciated!!! thanks : )

Closing The Deal?loan rates

the rate you are getting is pretty good.

ask them for good faith estimate and check if they charge you any points origination fee. check closing cost and if you feel like they overcharging you , compare this with different bank and make decision for yourself. even lenders can legally charge you between 3-5% orginations fee, this can be different with diff rent lenders.origination fees are negotiable so you can negotiate little bit.

Closing The Deal?

loan

The percentage sounds pretty ok, it depends of course on the type of property (mobile homes don%26#039;t get as good a rate as stick built) and your credit score and the conditions you were chosing.

You could check what the conditions for early payoff are, whether there are any penalties involved.

anyways - the paperwork is many pages to read usually and you should take the time and read through it. They should have provided you with a copy already.

Also it%26#039;s good to check the closing costs, I assume you have compared the offer of this bank with others?|||I love that bank! I used to live in OKC, but then I moved. :(|||If its not fixed rate -- beware that a slight jump in interest rates can spike your monthly payments out of your economic bracket. Many people lose their homes this way.

Also, payment insurance will protect you from other problems too.|||The better you and your dads credit is the better rate you will get. Yes that is a good rate. Make sure it is a fixed rate! No penalty%26#039;s for extra money to the principle if you want to pay your loan off sooner.

Good luck|||6.625%*30yrs*$78,900

198.75*78900 =156813.75(the total amount you are actually paying)

ask if there are any insurances... fees etc.. what happens if you miss a payme

short term loans are cheaper .. if its a business loan go for first funds unsecured cash advance 35% *78900

www.1rstfunds.com