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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?
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
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.
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.
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
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.
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)
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