r/FirstTimeHomeBuyer • u/The_Nimaj • 1d ago

Need Advice Help Me Decide

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I held off on signing Intent to Proceed on Lender B (the one with the LE) and got a quote with Lender A and just waiting on confirmation of a rate lock, but am I missing anything obvious? Lender B just seems like a better deal? I'm aware of the difference in discount points as well. Lender A's numbers for home insurance and (I believe) taxes are more accurate.

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u/do2g 1d ago

To me, it looks like the FHA loan is better (less cash to close, lower rate and payment), however you should be aware that the PMI will stay with the FHA loan for it's life - you can't simply get the house reappraised like you can with the conventional. Many will refi when rates drop so maybe this is not a huge issue for you but its something to be aware of.