U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 01-20-2011, 07:17 PM
 
35 posts, read 147,541 times
Reputation: 24

Advertisements

My husband and I are under contract for a house and trying to decide between Wells and Chase. We both have excellent credit and are putting down roughly 30%.

We were pre-approved with Wells back in October. We have since shopped around and found that Chase is offering pretty much the same deal (same rate and comparable closing costs), except that they are waiving origination and application fees ($900 with Wells) as part of union benefits we are entitled to due to my husband's job. They are also offering 1% back on principal and interest paid annually (which can be either paid to our checking or applied to the loan balance). On a 300K loan, that's about $190 every year.

So we are of course leaning towards Chase now, but since we were pre-approved with Wells and we've been in contact with a loan officer there (checking rates, etc.), we feel like we are already "involved", though we have to do what makes sense financially and it seems that Chase is offering the better deal.

I'm interested in what others think. Particularly, do you think that the 1% cash back program is enough of an incentive to choose Chase over Wells (in addition to the fact that they have slightly lower closing costs)?
Reply With Quote Quick reply to this message

 
Old 01-21-2011, 05:50 AM
 
Location: Wake Forest, NC
834 posts, read 2,349,896 times
Reputation: 615
If the fine print checks out then absolutely go with Chase. Never heard of this myself but that doesn't mean it's not legitimate.
Reply With Quote Quick reply to this message
 
Old 01-21-2011, 06:24 AM
 
Location: Plano, Texas
1,672 posts, read 4,424,774 times
Reputation: 642
Why not post how much in closing costs and what interest rate? There might be better offers.

By the way, i have been doing loans for about 10 years and have never charged an application fee. Waiving that isnt really doing you any favors. Also, i do many loans with origination and without origination. Some clients elect to pay origination to get a lower rate while others decide to not pay it an take a slightly higher interest rate.
Reply With Quote Quick reply to this message
 
Old 01-21-2011, 07:32 AM
 
35 posts, read 147,541 times
Reputation: 24
The rate with both banks have been fluctuating between 4.75 and 4.875 with no points. A breakdown of closing costs is below:
Origination fee: Chase $0 - WF $900 (though he now reduced it to $600 when we insisted that Chase was giving us a better deal).
Appraisal: Chase $350 - WF $370
Credit report: Chase $10 - WF $15
Underwriting fee: Chase $100 - WF N/A (I guess it's part of the origination?)
Flood certification: Chase $10 - WF $19
Fee to waive tax escrow: (we want to pay our taxes ourselves: Chase $1,125 (.325 point) - WF $750 (.25)
Attorneys fee: Chase $750 - WF $800
Patriot Act Search: Chase doesn't charge this fee - WF $100 (by the way, do you know if this legitimate?)

I believe all the other costs (title search, survey, state tax, recording fees, third party courier, etc.) are just estimates and will be the same regarding of who we go with since they will be paid to a third party, right?

Thanks for your suggestions.
Reply With Quote Quick reply to this message
 
Old 01-21-2011, 07:38 AM
 
18,075 posts, read 17,307,991 times
Reputation: 17930
Quote:
Originally Posted by md565 View Post
The rate with both banks have been fluctuating between 4.75 and 4.875 with no points. A breakdown of closing costs is below:
Origination fee: Chase $0 - WF $900 (though he now reduced it to $600 when we insisted that Chase was giving us a better deal).
Appraisal: Chase $350 - WF $370
Credit report: Chase $10 - WF $15
Underwriting fee: Chase $100 - WF N/A (I guess it's part of the origination? )
Flood certification: Chase $10 - WF $19
Fee to waive tax escrow: (we want to pay our taxes ourselves: Chase $1,125 (.325 point) - WF $750 (.25)
Attorneys fee: Chase $750 - WF $800
Patriot Act Search: Chase doesn't charge this fee - WF $100 (by the way, do you know if this legitimate?)

I believe all the other costs (title search, survey, state tax, recording fees, third party courier, etc.) are just estimates and will be the same regarding of who we go with since they will be paid to a third party, right?

Thanks for your suggestions.
Just so you'll know....an "origination fee" is nothing more than prepaid interest...same as points. You'll be able to deduct that on your taxes in the same year if it's paid upfront.

I refi'd with Wells Fargo...I've never heard of a PA Search.
Reply With Quote Quick reply to this message
 
Old 01-21-2011, 07:57 AM
 
Location: Plano, Texas
1,672 posts, read 4,424,774 times
Reputation: 642
Quote:
Originally Posted by md565 View Post
The rate with both banks have been fluctuating between 4.75 and 4.875 with no points. A breakdown of closing costs is below:
Origination fee: Chase $0 - WF $900 (though he now reduced it to $600 when we insisted that Chase was giving us a better deal).
Appraisal: Chase $350 - WF $370
Credit report: Chase $10 - WF $15
Underwriting fee: Chase $100 - WF N/A (I guess it's part of the origination?)
Flood certification: Chase $10 - WF $19
Fee to waive tax escrow: (we want to pay our taxes ourselves: Chase $1,125 (.325 point) - WF $750 (.25)
Attorneys fee: Chase $750 - WF $800
Patriot Act Search: Chase doesn't charge this fee - WF $100 (by the way, do you know if this legitimate?)

I believe all the other costs (title search, survey, state tax, recording fees, third party courier, etc.) are just estimates and will be the same regarding of who we go with since they will be paid to a third party, right?

Thanks for your suggestions.

Me neither... never heard of Patriot Act Search. Seems like a far offer. I would go with Chase for the extra 1% back.

Yes, the title fees will be same for both... you should really only compare the bank fees.. now all grouped together as origination.
Reply With Quote Quick reply to this message
 
Old 01-22-2011, 09:24 AM
 
35 posts, read 147,541 times
Reputation: 24
The Patriot Act Search is also sometimes called Name Search. Have you heard of it? Maybe we will dispute it if it's not common. It turns out that Chase charges it too--however they charge a bit less. Thanks for all the responses!
Reply With Quote Quick reply to this message
 
Old 01-25-2011, 06:25 AM
 
Location: Plano, Texas
1,672 posts, read 4,424,774 times
Reputation: 642
Quote:
Originally Posted by md565 View Post
The Patriot Act Search is also sometimes called Name Search. Have you heard of it? Maybe we will dispute it if it's not common. It turns out that Chase charges it too--however they charge a bit less. Thanks for all the responses!

Never heard of that either. None of the lenders i deal with on the wholesale side have or charge that fee.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top