Posted on: 03rd Apr, 2006 10:18 am
what is the avg. amount paid for loan origination fees and lenders fees. It is not itemized on my good faith estimate and the rep really doesn't seem to know....We have done refinancing in the past but they were never that high. Please help.
Hi Sonia,
Welcome to MortgageFit Forums.
Origination fee is usually a percentage of the loan amount which is generally 1%. It is different from the application fee.
Lender fees vary based on the loan amount, type of loan and state. Normally most loans have fees above $1,500.
You may check it with some other brokers in your area if you feel there is some problem with your present deal. A good broker will always try to clear things up for their customers as much as possible.
Feel free to ask if you have more queries. We will be happy if we can help you.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
Origination fee is usually a percentage of the loan amount which is generally 1%. It is different from the application fee.
Lender fees vary based on the loan amount, type of loan and state. Normally most loans have fees above $1,500.
You may check it with some other brokers in your area if you feel there is some problem with your present deal. A good broker will always try to clear things up for their customers as much as possible.
Feel free to ask if you have more queries. We will be happy if we can help you.
God bless you.
For MortgageFit,
Samantha
Hi Sonia,
Lender fees are charges against the services provided by the lender which includes application fees, administration fees, processing fees, underwriting fees, funding fees etc.
This fee is negotiable and varies with different lenders but there is a standard provided by HUD. You may check with their chart which you may also get at different websites online.
Don't sign anything with the lender which you think you don't understand. Ask them to explain, check it with other if possible and only when you are convinced then go for it.
Regards,
Blue
Lender fees are charges against the services provided by the lender which includes application fees, administration fees, processing fees, underwriting fees, funding fees etc.
This fee is negotiable and varies with different lenders but there is a standard provided by HUD. You may check with their chart which you may also get at different websites online.
Don't sign anything with the lender which you think you don't understand. Ask them to explain, check it with other if possible and only when you are convinced then go for it.
Regards,
Blue
i would like to add one more thing since it is related to refinance. in refinancing, when you close the transaction, there may be some outstanding interest due on the old loan. you may have to pay all the interest due when you close on the refinance transaction.