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Old 01-16-2013, 09:31 PM
 
3 posts, read 8,323 times
Reputation: 10

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Hi folks, We're really hoping someone can help us out. We're buying our first home, we have credit scores around 745, and are buying a 120k house and putting 20% down. We are borrowing about 95k and the total settlement charges come to 6.9k, incl. an "adjusted" origination fee of 1.7k, which was reduced from 2.85 for getting us a rate of 4.125 (I assume the bank is paying them for getting us a higher rate than we might have otherwise found?).

We are thinking this total charge is really high, by looking at other buyers' fees online. Should we just take the fees to some banks and other lenders? This is a small local lender but they were rec'ed by the seller's broker and we are wondering if we are getting burned.

We'd appreciate any thoughts at all.

Thanks!
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Old 01-16-2013, 10:51 PM
 
1,785 posts, read 3,166,725 times
Reputation: 1280
You're putting 20% down w/ 745 credit scores and only getting a 4.125% rate??
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Old 01-16-2013, 11:08 PM
 
3 posts, read 8,323 times
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Yeah, that IS crazy, right? I was hoping 3.5 or so. Is that also crazy?

I'm going to take the GFE to other lenders and maybe a bank or two tomorrow; is it okay to show a lender's doc to other lenders?

According to this list our fees are way high:
http://www.bankrate.com/brm/news/dol.../20020204a.asp

Closing costs and what is negotiable when you refinance a mortgage[/url] I know that's from 2001 but it's for a 125k loan and our fees are still almost all higher than their averages.

Thanks for helping out, Snowdens and anybody else who can aid us! We really need all the help we can get, and as our option period is up in three days we are scrambling a bit. This house is a decent deal and other folks would gladly pay full price if we back out. We're kind of backed into a corner, but would hate to lose this house we really do like.
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Old 01-16-2013, 11:35 PM
 
3 posts, read 8,323 times
Reputation: 10
Here are some of the fees:

Origination charge.....2,800

"You receive 1,150 credit for this interest rate of 4.125%."

Adjusted Origination charge...1,650.

****************************

Underwriting fee...800

Doc prep....200

Loan discount fee....0.750%.....690

Closing/escrow fee....280

Appraisal....450

Credit report....60

Flood cert....10

Tax service fee.....85

Title services and lender's title insurance....970

Survey...450

Hazard insurance...540

Govt recording charges...150

Courier fee.....60

Tax cert.....45

Tax stamp...5 (?)

Mortgage recording charge...150

*****************************

Your charges for all other settlement services.....4,580

Total estimated settlement charges....6,300

******************************

Fair deal or just plain ugly?
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Old 01-17-2013, 07:01 AM
 
Location: Wake Forest, NC
835 posts, read 3,768,480 times
Reputation: 649
If you are qualified as you say this is crazy.
These are the fees that change by lender and these are too high.
Origination charge.....2,800

"You receive 1,150 credit for this interest rate of 4.125%."

Adjusted Origination charge...1,650.
Doc prep....200

Loan discount fee....0.750%.....690

Get a referral from a friend to a mortgage broker that they have worked with and had a good experience with.
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Old 01-17-2013, 07:59 AM
 
Location: MID ATLANTIC
8,222 posts, read 20,440,593 times
Reputation: 9505
Agreed, there are some variables that would bump it up from the mainstream 3.5%, but not with your score and down payment.........are you buying a manuactured home? High rise condo? Buying in a sand state (CA, AZ,NV, FL)? Something isn't adding up - those charges for that rate are way out of line.
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