Posted on: 28th Jun, 2006 12:28 pm
I need to know what is the % that the LENDER (broker) can charge on a loan... those that include the banks fees and title fees?
Here are the different fees that a lender may charge on a loan -
Appraisal fee - $250 to $350 for owner occupied homes and in case of loan amounts above $500,000 the amount may be $750.
Credit report - $35 to $75 per report.
Tax service fee - Normally it is between $50 and $100.
Underwriting fee - $100 to $600.
Administrative fee - It can be from zero to $700.
Processing fee - Normally between $100 to $300.
Courier fee - $25 to $50.
Document preparation fee - Between $50 to $500.
In addition to these some other fees may be charged based on the loan.
Appraisal fee - $250 to $350 for owner occupied homes and in case of loan amounts above $500,000 the amount may be $750.
Credit report - $35 to $75 per report.
Tax service fee - Normally it is between $50 and $100.
Underwriting fee - $100 to $600.
Administrative fee - It can be from zero to $700.
Processing fee - Normally between $100 to $300.
Courier fee - $25 to $50.
Document preparation fee - Between $50 to $500.
In addition to these some other fees may be charged based on the loan.
hi,
the fees vary from lender to lender with a few charging you a single fee covering all the charges. in common practice different fees are collected separately by the lenders.
the fees include affiliate consulting fee, amortization fee, appraisal fee, credit report, underwriting fee, inspection fee, processing fee, documentation fee, settlement fee, lender's attorney fee, consulting fee etc.
the usury laws no longer limit the rates that a lender may charge on home loans. with some lenders you find to take this to advantage by collecting fees under different categories as they feel in that way they can collect more.
you need to look at the gfe, good faith estimate, to get an idea of the total amount that may be charged to you for a loan. but keep it in mind that it is only an estimate. that's the reason we suggest borrowers to shop around extensively and check with as many lenders as possible.
the main reason that the fees vary within a range between different lenders and with a good effort in your shopping you may find the lender that charges suitable fees to you.
now for section 32 loans the federal reserve board has published a final rule with changes. some of them are-
these changes will lower the interest rate threshold. as a result most sub-prime investors has the option to decide whether they will lower their interest rate cap and thus avoid buying section 32 loans, or will continue with the purchase of higher rate loans.
god bless you.
for mortgagefit,
samantha
the fees vary from lender to lender with a few charging you a single fee covering all the charges. in common practice different fees are collected separately by the lenders.
the fees include affiliate consulting fee, amortization fee, appraisal fee, credit report, underwriting fee, inspection fee, processing fee, documentation fee, settlement fee, lender's attorney fee, consulting fee etc.
the usury laws no longer limit the rates that a lender may charge on home loans. with some lenders you find to take this to advantage by collecting fees under different categories as they feel in that way they can collect more.
you need to look at the gfe, good faith estimate, to get an idea of the total amount that may be charged to you for a loan. but keep it in mind that it is only an estimate. that's the reason we suggest borrowers to shop around extensively and check with as many lenders as possible.
the main reason that the fees vary within a range between different lenders and with a good effort in your shopping you may find the lender that charges suitable fees to you.
now for section 32 loans the federal reserve board has published a final rule with changes. some of them are-
- the apr for first lien mortgage loans is 8% changed from the previous 10% but the apr trigger for second mortgage loans will remain at 10 % points.
- the fee based trigger includes the amounts paid at closing for optional credit life, accident, health, or loss-of-income insurance and other debt protection products.
- the disclosure for section 32 must include the total amount borrowed which may be higher than the loan amount that has been requested by the borrower due to inclusion of the financing of insurance, points, and fees.
these changes will lower the interest rate threshold. as a result most sub-prime investors has the option to decide whether they will lower their interest rate cap and thus avoid buying section 32 loans, or will continue with the purchase of higher rate loans.
god bless you.
for mortgagefit,
samantha
Hi,
Samantha has covered a major portion.
Here you can find some more valuable information - http://www.ftc.gov/bcp/conline/pubs/homes/32mortgs.htm
James
Samantha has covered a major portion.
Here you can find some more valuable information - http://www.ftc.gov/bcp/conline/pubs/homes/32mortgs.htm
James