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I seriously would not stick with this lender if she started out like that. I would pick up my toys and leave that playground. That situation is far from soothing.
What do you guys think about my fees? I'm worried that they may be really high. Here is my post from yesterday:
I am doing a cash out refinance of my primary residence and these are the fees that my mortgage broker is charging. Do they seem higher than average?
80% LTV cash out of my paid off primary residence
Conventional, 30 year fixed
I have excellent credit-A
Date-04/2011
loan amount- 190K
Interest rate is 5.125%
Loan origination fee- $1900
Underwriting fee-$1315
loan discount fee-$1900
lenders title insurance- 1100
...or if I don't want to pay the discount fee, my rate would be 5.375%
If I don't want to pay both the discount and origination fee, my rate would be 5.625%
The mortgage broker said that the underwriting fee combined all of the fees. I thought that the rate seemed a little high since I have great credit. Is he making extra money off the higher rate?
Is it abnormal to find a lender that would only charge this amount for processing & underwriting?
All of my quoted fees are containing doc prep, courtier fee, tax service, credit report, appraisal review, 4506 irs form, flood certification I'm addition to processing and underwriting from most lenders.
Which of the other fees listed above are "junk fees" I could inquire about?
Is it abnormal to find a lender that would only charge this amount for processing & underwriting?
All of my quoted fees are containing doc prep, courtier fee, tax service, credit report, appraisal review, 4506 irs form, flood certification I'm addition to processing and underwriting from most lenders.
Which of the other fees listed above are "junk fees" I could inquire about?
You have to look at all of them. Some lenders post a lot of fee categories, but the aggregate can be less than one that charges a few fees, but each one is relatively huge.
The Origination box should, for the most part, hold $1200-1500 max, IMO.
Ok. I found a reputable lender with fees at around $1400 from their end including all items that would be under line 800 and 1300 on the HUD 1 statement. I maybe ready to use them if I'm in the ballpark for reasonable fees.
2nd question. They have offered a 3/8 of a point rate deduction. If I want to go ahead and be approved to use the lender, have paperwork processed, etc, how can I know they are offering best rate with the discount applied? It could be a few months until I'm ready to make an offer due to lack of inventory.
Trust their word?
Last edited by clickbear; 06-30-2014 at 12:55 PM..
Ok. I found a reputable lender with fees at around $1400 from their end including all items that would be under line 800 and 1300 on the HUD 1 statement. I maybe ready to use them if I'm in the ballpark for reasonable fees.
2nd question. They have told me they will take 3/8 of a point off rate when I'm ready and receive an accepted offer. If I want to go ahead and be approved to use the lender, have paperwork processed, etc, how can I know they are offering best rate with the discount applied?
Trust their word?
I don't understand that. I don't understand how that promise can be made.
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are these fees high?
