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Hi. I'm in the process of purchasing a house in Nassau County, Long Island, NY. I've been working with a mortgage broker and got a GFE/Initial Fees Worksheet today. I would love your feedback on the fees, in particular the ones in red. Are any of these excessive? Whats negotiable and what's not?
Title Charges
Bank attorney fee: $1100
Title Insurance (owners and lenders): $3636 & $ 863 (both statutory)
Title Search: $500 (estimate)
Endorsement: $100 (estimate)
Title Closer Fee: $200 (estimate; I was told this amounts to a "tip" for the notary and is optional)
If your credit is excellent (740+) you should be able to get a 1/4 lower in rate for those fees - or that same rate without the 1% mortgage broker fee.
Thanks for your reply, ShanetheMortgageMan. My husband and I are both 740+. One additional factor is that I am currently in > 60 day gap in employment. This gap is planned (next job starting n September). Nonetheless, everything has been run solely on my husband's salary (which is less than mine). Would this adversely affect my interest rate?
Welcome. If your husbands income qualified for the mortgage by itself then you being employed or not employed wouldn't have any impact on qualifying nor the interest rates you'd be offered.
The Processing Fee of $750 (paid to broker) and the Underwriting Fee of $895 seem higher than other mention on these forums. Any comments?
Do mortgage companies decide those prices based on the price of the loan? I am looking at your loan and it is higher than a majority of posters on here.
I am looking at your loan and it is higher than a majority of posters on here.
Yeah, I noticed that to. In that case, maybe it seems odd that I am needing to ask these questions here. I'm a first-time homebuyer and certainly no one in my family or extended family has ever had a home worth this much. So other than my mortgage broker, I am somewhat without guidance.
You are not odd for asking the questions here, plenty of experts that will help you shortly. I am a first time homebuyer as well so this is all new to me.
Last edited by Momotaro; 07-20-2010 at 05:58 PM..
Reason: failed at basic grammar
Those fees are a bit on the high side, but NYC area typically has higher costs. Doesn't mean you can't get lower costs, and from what I've seen with a lot of NYC based lenders those costs are in the ballpark. Still, overall the deal isn't a fabulous one.
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