Welcome to City-Data.com Forum!
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 2 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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-08-2009, 12:53 PM
 
161 posts, read 412,748 times
Reputation: 42

Advertisements

Hi,
i bought a place in Dec. 08 at 380k in VA. 10% down. my current loan is 340k.
i just did an appraisal that came out at 440k. so i'm refinancing to get rid of PMI and lower rate.

these are the costs that my broker listed for the refi. any thoughts?

Appraisal $ 350
Credit report $25
Mortgage broker fee $195
tax servicing fee $79
processing fee $250
underwriting fee $550
E-document management $10

Since i bought title insurance in dec. when i bought the house, i won't be needing this again. (same title company)

Title examination $100
title insurance binder $75
attorney fee $300

Recording fee $66
Local tax/stamps $286
State tax/stamps $851
Reply With Quote Quick reply to this message

 
Old 04-08-2009, 08:39 PM
 
Location: Sacramento
2,568 posts, read 6,730,635 times
Reputation: 1933
Your house went up in value quite a bit. Recording, local and state tax are fixed so they will be the same regardless of lender. The underwriting fee seems a little high to me. I have never paid a mortgage broker fee.
Reply With Quote Quick reply to this message
 
Old 04-08-2009, 08:54 PM
 
Location: Boca Raton, FL
6,869 posts, read 11,183,073 times
Reputation: 10757
Smile Fees

Excellent. $195 for a mortgage broker fee is nothing. Depending on the rate you are getting, it looks fine
Reply With Quote Quick reply to this message
 
Old 04-08-2009, 09:40 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,671,788 times
Reputation: 4186
Title examination $100 - Not bad for 5 minutes of work.
Reply With Quote Quick reply to this message
 
Old 04-10-2009, 12:58 AM
 
Location: San Jose (Willow Glen)
180 posts, read 692,572 times
Reputation: 96
title/attorney/recording/stamps are going to be fixed no matter where you go, so ignore those for comparison purposes.

all the other fees look good/ on the low side.

Assuming you got a decent rate, the fees are fine.
Reply With Quote Quick reply to this message
 
Old 04-10-2009, 12:43 PM
 
Location: USA
153 posts, read 406,966 times
Reputation: 114
Since you just purchased, you didn't have to pay any closing costs again? Must be the state you're in as I got dinged w/ that one when we did our refi and we bought in Sep 08.
Reply With Quote Quick reply to this message
 
Old 04-10-2009, 04:52 PM
 
Location: Vermont
5,439 posts, read 16,806,114 times
Reputation: 2651
Where are you getting your existing balance? are you changing banks?

when we re-financed, our pay off was a lot higher than our Loan balance, due to 30 days of interest owed.
Reply With Quote Quick reply to this message
 
Old 04-14-2009, 02:26 PM
 
Location: Niceville, FL
13,260 posts, read 22,673,490 times
Reputation: 16398
We went through our credit union for our mortgage. (4.8% for 15 years in 2003) Since they have to compete with USAA, they're very minimalist on the fees. It was something like:

Application fee: $350 (which is then used as a credit toward other fees at closing. They just don't want to do all the work and then have you go somewhere else)
Appraisal $ 200
Credit report $25
Mortgage broker fee $0

tax servicing fee $0
processing fee $0
underwriting fee $0
E-document management $0

Florida doc stamp fees: $1100
Reply With Quote Quick reply to this message
 
Old 04-15-2009, 12:13 AM
 
Location: San Jose (Willow Glen)
180 posts, read 692,572 times
Reputation: 96
Quote:
Originally Posted by beachmouse View Post
We went through our credit union for our mortgage. (4.8% for 15 years in 2003) Since they have to compete with USAA, they're very minimalist on the fees. It was something like:

Application fee: $350 (which is then used as a credit toward other fees at closing. They just don't want to do all the work and then have you go somewhere else)
Appraisal $ 200
Credit report $25
Mortgage broker fee $0

tax servicing fee $0
processing fee $0
underwriting fee $0
E-document management $0

Florida doc stamp fees: $1100
This is really not an apples to apples comparison, since we don't know what market rates were when you locked in 2003.

There are plenty of places that offer no fee mortgages, but they always come with a higher than 'market' rate.
Reply With Quote Quick reply to this message
 
Old 04-16-2009, 11:42 AM
 
Location: Niceville, FL
13,260 posts, read 22,673,490 times
Reputation: 16398
It was market rate at the time. Credit union is very picky about what kinds of loans it will and will not fund and never would touch subprime or exotics, but if you fit the parameters of their program they're competitive with lenders that charge you a lot more for the loan. (currently 4.75% for no points/no fee 30 and 20 year fixed and 4.25% for no points/no fee 15 year fixed)
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 $104,000 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.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top