is 8.5 % interest with $9000.00 prepay finance charge is it a fair deal?

Question

$ 237,000.00 mortgage 8.5 % 15 year fixed with $9000.00 prepaid finance charges

Answer 1

Sounds like a bad deal in my book.

If your credit is good, you should be able to get a much better rate without even buying down the interest like that.

If you credit is bad, you should rent for a while longer and try to build up your credit score.

Answer 2

8.5% sounds pretty bad to me. Shop around.