i think my prior post was a bit too long... so here's my basic question.  are the following scenarios about as good as i can get for a mortgage in MD w/ credit score of about 705?  just wondering if this broker is the one i should stick with for the moment or shop around some more.  any info would be appreciated.

30 year fixed

Loan amt $190K (5% down on $200K home)

Interest rate 4.75%

Orig. charge (broker's fee): $2,782

Points (+) / Credit (-):  $-196

Est 3rd Party fees:  $3,422

Total Closing Costs:  $6,008

5/1 ARM

Loan amt $190K (5% down on $200K home)

Interest rate 3.875%

Orig. charge (broker's fee): $2,782

Points (+) / Credit (-):  $2,517

Est 3rd Party fees:  $3,422

Total Closing Costs:  $8,721

My opinion is that either deal seems in line.  They are charging about 1 point plus some for processing and underwriting I will assume.  The rate is in line with the charges.

Jan was correct.  Seems very reasonable.  My only concern is the LTV and whether PMI will approve.  May want to consider FHA.

Good Luck.