What rate should I expect?

[Dan K.]

My husband is looking to purchase a property (owner-occupied) in Dallas, TX.

He has an 800+ credit score, no credit issues. good reserves, and consistent W2 income without significant debts.   He qualified for a $500,000 loan.   

The lender said the best he could do is 7% and 1 point. That didn't seem competitive and we pushed a bit, and the lender came back with 6.625% (6.825% APR) and no points.

They're showing $10,322.06 in fees ($2,571.86 in APR and $2,795.20 in no APR costs, and $5,205.00 in prepaid costs).

Is this the best rate that he should expect?

If not, I'm definitely up for connecting with anyone who can offer a better rate! Would love advice and feedback.