Did I get a good loan for my situation?

If you did not already close on the deal, I would be happy to provide you with some lower rates. We are direct lenders licensed to lend in NY. Please shoot me an email immediately and I can get the quote to you tonight. Since we are direct lenders, we have the ability to underwrite and fund the loan pretty quick. Look forward to speaking with you.

I'm not familiar with all the intricacies of getting a loan in New York, so take my feedback with a grain of salt; and, property type might also be a factor here...is this a condo or a co-op, perhaps? The biggest factor that needs to be weighed in is what were the rates like on the day you "locked in"? These things are dynamic, and the same day's pricing will tell if you are comparing apples to apples. I know New York has some specific taxes/fees assessed on mortgages that can add up quickly; you're also in a different pricing bracket because you're what's called an FHA Jumbo. This sort of stuff needs to be accounted for. On the other hand, if I were to look at your loan size, I might wonder how much money really went to the broker and how many third-party fees the broker had to pay. Keep in mind that a true mortgage broker has to have 100% transparency with their fees, and banks/direct lenders don't. So, if you're not understanding the Good Faith Estimate, ask to see the Initial Fees Worksheet, or some breakdown of those fees. Give the loan officer the benefit of the doubt and review these things closer to seek understanding, first; however, since it sounds like you're right in the middle of this, I would also advise getting a second opinion from someone local...I wouldn't be surprised if you found something a little better. Go to the "find a lender" tab above and select a loan officer from your area.

That seems high even for NY.