Regardless of the lender, every FHA loan requires an insurance premium of
1.75%,
which is usually added to the loan amount.
There is also a monthly premium added to the
payment.
Comparing FHA mortgage quotes all on the same
day can provide more accurate rate comparisons because home mortgage rates can change frequently.
Try to get each lender's FHA mortgage quote based on a similar rate lock. A shorter lock
period usually has lower rates, and locking the rate gives you a price guarantee.
FHA mortgage
rates can be bought up or down, which allows you to compare mortgage quotes with the same number of points, such as, 1.5 points, or zero
point refinance rates.
Have lenders quote the points separate from any other lender fees. Property taxes,
home insurance, and pre-paid interest are not lender
fees, and are the same regardless of the lender.
Credit scores
substantially affect mortgage quotes for an FHA loan. Lenders typically use the middle score out of 3 scores
from the applicant who is the primary wage
earner.
FHA Loan Rates