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Old 12-06-2010, 05:22 PM
 
21 posts, read 82,925 times
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The cost sheet that we recieved along with our pre-approval letter from the bank includes an $895 commitment fee. Is this typical? I want to make sure we aren't getting ripped off

They aren't asking us to pay any points, and they're quoting us an interest rate of 4.25% on an FHA loan. Our total purchase price is $189,900.

Thanks for any info you can give us!
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Old 12-07-2010, 11:45 AM
 
Location: Wake Forest, NC
835 posts, read 3,621,507 times
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Commitment fees are standard, but many lenders waive them for government (FHA or VA) loans.
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Old 12-07-2010, 03:33 PM
 
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I am due to close on a my FHA mortgage in a week and I had to pay a commitment fee.
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Old 12-08-2010, 05:36 PM
 
Location: MID ATLANTIC
7,729 posts, read 18,594,750 times
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We use to call it an underwriting fee, before that it was a processing fee, now it's called a doc review fee ($595)
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Old 12-09-2010, 10:25 AM
 
Location: Laguna Niguel, CA
768 posts, read 4,034,054 times
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With just about any lender you are going to have lenders fees. These will range anywhere from $600-$1,000. Like SmartMoney pointed out, these fees have different names, but they are all for the same purpose.
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Old 12-10-2010, 08:16 AM
 
21 posts, read 82,925 times
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Thanks, everyone! Very helpful info
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