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I am in AZ...How do I know if I am paying for points? Our lender ORIGINALLY said he could offer 3.675-3.875..Towards the middle of the process he changed it to 4.25...My husband told him to either honor his original rate or we would go with someone else. He gave us a 3.875.
We are first time home buyers and due to a long list of reasons we talked to a 2nd lender today, he took a second look at our loan and said we are in fact paying for a point even though I made it clear to our lender we did not want to pay for any.. When we asked him if we were paying for points he said no...
How can I tell on our Loan estimate whether we are in fact buying a point or not? We have an Origination fee of 1% of our loan and an underwritting fee of $990. No processing fee.
Check your original GFE (assuming it wasn't just a estimated pre-qualification/quote). It will show the details of your original terms. Also origination fee and underwriting fee are negotiable. 1% is pretty high as well as that underwriting fee they are padding on there. What lenders have you looked at by the way? Have you considered an online based lender? I'm also guessing you got an offer accepted on a home? or not yet?
Depending on how much time you have, educate yourself as much as you can on the process. There are a lot of articles online.
Did your lender give you the amount of origination fees/ underwriting fees in the GFE before you finalized the loan?
It seems your lender is making a fool out of you by charging you the cost of points and terming it as origination fees. About $990 should have been the total cost of your origination and underwriting fees.
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