Posted on: 29th Sep, 2010 07:19 am
Can a person negotiate fees such as flood, title and other charges? We are not in a flood zone so why should we pay the flood certification fee?
We are wondering if you can contact title companies yourself and get better deals.
Also, the 1% origination fee. How is that figured? I thought it was 1% of the loan amount but on our $73000
refi/cash out, it is $1,418.50.
I thought $730 would be the max on that one. Guess not!
I realize they also require you to pay up on your insurance and taxes but if they are already paid for the year, do they keep that $ in your new mortage escrow acct. or do they refund it?
Any answers would be helpful! Thanks!
We are wondering if you can contact title companies yourself and get better deals.
Also, the 1% origination fee. How is that figured? I thought it was 1% of the loan amount but on our $73000
refi/cash out, it is $1,418.50.
I thought $730 would be the max on that one. Guess not!
I realize they also require you to pay up on your insurance and taxes but if they are already paid for the year, do they keep that $ in your new mortage escrow acct. or do they refund it?
Any answers would be helpful! Thanks!
1% point/origination should be $730 if that's your loan amount.
The flood ceritification fee is to DETERMINE if you are in a flood zone or not. If you are not, nothing else happens. If you are, you must have flood insurance to get the loan. It is not negotiable. Credit and appraisal fees are also not negotiable. Certain fees such as title and escrow can be shopped.
1% origination should be $730. Was the $1,418.50 just listed as origination fee? If it was brokered, the broker may have charged 1% and the rest could be the lender's fee.
If your taxes and insurance are paid up, lenders can keep enough money in reserves to make the payments when they become due PLUS a 2 month buffer.
Timmy Do
Golden Rule Homes & Loans
1% origination should be $730. Was the $1,418.50 just listed as origination fee? If it was brokered, the broker may have charged 1% and the rest could be the lender's fee.
If your taxes and insurance are paid up, lenders can keep enough money in reserves to make the payments when they become due PLUS a 2 month buffer.
Timmy Do
Golden Rule Homes & Loans
Thanks for the info! I shopped around and found a title company with slightly lesser fees.
The origination charge included other fees but it was 730 + those other fees so they broke it down for me.
The origination charge included other fees but it was 730 + those other fees so they broke it down for me.