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Mortgage refinancing advice?
Posted on October 30th, 2010 2 comments
Matt asked:
We are considering a refinance at a sub-prime lending rate of 9.1% fixed, 50-year mortgage. I’m told that when working with mortgage companies it is a good idea to get a couple different good faith estimates to see if there are any added line item charges that shouldn’t be there. Here are some of what they propose to charge us for. Should we question any of them?Loan origination fee
Appraisal fee
Credit report
Admin & Underwriting fee
Flood cert fee
Tax service fee
Closing/escrow fee
Title insurance
Endorsements
Gov Serv
Title doc prep
Recording fees
Reconveyance fee
Hazzard insurance premium
Taxes and assessment reservesWith so many added fees, how can you tell which are supposed to be there and which are padding the broker?
If it is pure profit, how does one avoid paying the listed charges – don’t all mortgage companies need to make some profit?
SallyRenting & Real Estate Appraisal Fee, Credit Report, Fee Appraisal, Fixed Mortgage, Good Faith, Loan Origination Fee, Mortgage Advice, Mortgage Companies, Mortgage Refinancing Advice, Prime Lending Rate, Sub Prime Lending, Year Mortgage2 responses to “Mortgage refinancing advice?”
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The only required ones are:
Credit Report (and you can ask to see the exact bill so they don’t pad it)
floor cert
title insurance (ask to see the bill)
recording fees
hazard insurance
taxes and assessment reserveseverything else is pure profit for the mortgage company.
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karrie r November 7th, 2010 at 11:03
The rate you are getting is really high! It is always good to get more than one quote. Most of the time your closing cost will always be a LOT higher with a broker. I work for Countrywide Home Loans. I would be more than happy to look over your Good Faith Estimate and see if we can bet them also I would be curious to see if I can get you a better rate. I hate to see people like your self robbed. You can reach me @ or at the office @ 770 619 2600
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girlwhoknowsitstrue October 30th, 2010 at 08:42