Posted on: 08th Oct, 2009 09:15 pm
If a mortgage has a rate of 4.94 with no disc/orig. points, but has $1,200 in fees in APR, what is that for if it states no points?
Thats probably it is the processing fee
The person who is working on the loan needs to get paid
The person who is working on the loan needs to get paid
Hi leighann,
The lender may claim that they are not charging any points upfront for the loan. But they do charge a lot of other fees like settlement or closing fees, title search fees, title insurance costs, recording fees, state taxes etc. It looks like the $1200 fees that your lender is charging include all or some of these fees.
The lender may claim that they are not charging any points upfront for the loan. But they do charge a lot of other fees like settlement or closing fees, title search fees, title insurance costs, recording fees, state taxes etc. It looks like the $1200 fees that your lender is charging include all or some of these fees.
Jenkins is correct.
But leighann you shoudl ask for details of these fee and lender needs to give you an break up of these fees
But leighann you shoudl ask for details of these fee and lender needs to give you an break up of these fees