First-time home buyers (27F & 27F): Are we getting a good mortgage? Loan Estimate attached
My fiancée and I (27F & 27F) are first time home buyers in Georgia, and we’d really appreciate an honest review of our Loan Estimate before we move forward.
We’ve never bought a home before, so we’re trying to figure out: Is this a competitive interest rate? Are the lender fees reasonable? Is there anything on here that’s a red flag? Would you shop around more if you were us? Is there anything you would negotiate before closing?
Some additional details: This is new construction. 30 year, conventional loan. My credit score is 790, hers is a 690 (thought it was 770 when we started but student loans happened). Purchase price is $608K, we’re putting 20% down, and using preferred lender as they gave incentive. Right now we’re thinking of doing a 2/1 buydown in hopes of refinancing. Is that smart?
I’ve attached the entire Loan Estimate and want your opinions. Please don’t hold back, we’d much rather hear the hard truth now than regret something later.
If you were in our shoes, would you sign this loan today?