Mortgage Appraisal Services
are my Closing costs too high? sacramento, ca?
I am using the builder’s mortgage company, so i can get some incentives, but i am not sure is this costs are reasonable? the house is 380,000. 0% down. i have good credit 798.748,702. i am getting a rate of 6.59 30 year fixed interest only(10 years) and second mortgage 8.75% with a ballon payment.
Loan Origination Fee: (1%) $3051.90
Appraisal Fee: $400.00
Credit Report Fee: $36.00
Underwriting fee 600.00
Broker Processing Fee: $475.00
Tax Related Service Fee: $78.00
Lender Document Preparation Fee $175.00
Courier Fee: $20
Flood Certif: $15.00
Other Financial closing costs $1,200.00
total 9,213.62
plus 3,247 reserves deposited with lender.
Title Charges:
Closing/Escrow Fee: $150.00
Doc Prep Fee: $70.00
Title Insurance: $1474.00
Endorsements Est.: $100.00
Recording Fee: 95.00
Estimated Closing Cost: $8,325.00
Is this right? It sure seems a little high! The loan amount is 470k. Thanks!
thats about right but go to Ditech get a 30 year fixed and get rid of that baloon bs.
Affordable Mortgage
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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Services. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Services
Am I being overcharged?
I was trying to refinance my mortgage, but then I decided to sell the property instead and cancelled the refinancing process. My agent first told me I would have to pay about $800 in fees for the services that had been provided, including the appraisal. Now he’s telling me that the charge could be as much as $2500. I think they are trying to rip me off, but then I don’t now what the typical prices are in this case.
the only fee’s you would be obligated to are appraisal, and also if the lender stipulates a loan lock fee or application fee..niether of which are over $100…
the max you could be charged for backing out is $500, (if appraisal costs $350)…
the lender telling you that you will have $2500 in fee’s, it is a scare tactic…He/she is hoping that by telling you that you have to pay all of those costs that you will decide to go through with the loan so that you dont have to pay…
until you see something in writing, you will not have to pay anything more then the appraisal…
Did you pay for the appraisal yet? did you give a credit card to secure the appraisla against?
if i were you i would call them and tell them to send you a bill SO THAT YOUR ATTORNEY CAN LOOK AT IT!!! THATS THE KEY, BEAT THEM AT THEIR OWN GAME..
THEY GIVE YOU A SCARE TACTIC, YOU DO THE SAME…
I can tell you first hanbd that there are alot of mortgage companies out there that try to pull stunts like these…i’ve been a mortgage banker for years with multiple lenders, and it is very common…
if you would like to work with a honest, credible, and trustworthy banker who prides himself on ethics, feel free to contact me..
My name is Jason Fry, I work for Providential Bancorp, a nationwide mortgage lender based in Chicago. My number is 312-264-6448, or you can email me at jasonf@providential.com..
if you havent found a company to help you with financing the new home, i would be happy to let you know what you qualify for..
Good luck with everything, and i hope this helps!!!
Jason Fry
Senior Mortgage Specialist
Providential Bancorp