Enhanced Mortgage Analysis Report

Boca Raton FL, 33433 | Purchase | 30-Year Term

F
Mortgage Offer Grade
Compared to Market
Very poor mortgage terms with urgent need for renegotiation
9.005% APR
$537,000Property Price
$520,890Loan Amount
8.625%Interest Rate
$0Origination Costs
$1,420
Potential Savings
$1,420 from removing junk fees
3
Junk Fees
Potential Savings
While the junk fees are highly negotiable, many third-party fees have limited negotiation potential since they're actual costs incurred. The lender/broker are making a good profit off of your loan and you can sometimes have them removed or reduced. Focus on the total cost rather than individual fees.

Junk Fees - $1,420

These are fees that provide no real value and are pure profit for the lender. You should try to negotiate these down or get them removed entirely. Many of these fees are just made up charges with official-sounding names.

  • Negotiate for a lower interest rate

    The current rate of 8.625% is extremely high. Negotiate with the lender for a lower rate or shop around with other lenders for better offers.

  • Increase down payment to avoid PMI

    Consider increasing your down payment to 20% to avoid paying Private Mortgage Insurance (PMI), which could save you significantly over the life of the loan.

  • Explore alternative loan products

    Look into other loan products such as FHA loans or VA loans (if eligible) that might offer better terms or lower down payment requirements.

  • Negotiate seller concessions

    Ask the seller to contribute to closing costs or provide other concessions to reduce your out-of-pocket expenses.

  • Consider mortgage points

    Evaluate if paying points to lower your interest rate could save you money over the life of the loan, especially if you plan to stay in the home for a long time.

Recommended Next Steps