gregorygarver.com

[Nick]

I am refinancing my house and I would like to know who is getting all this money that I am paying. What’s a mortgage broker fee? Processing fees? One from the Co. and another as depicted.I am going from an ARM to a 30yr fixed rate wtih 40k cash to me.Loan amt. 221,250 Int rate 6.625800 Items Payable in connection with loan:801 Loan Origination fee 2215.5 802 Loan Discount fee 2215.5 803 Appraisal Fee (400) 808 Mortgage Broker fee 400.00 810 Processing Fee 900.00 Administration fee 950.00 Processing fee 495.00 1100 Title Charges1101 Closing or Escrow Fee: Estimated Escrow 650.001105 Document Preparation fee 150.00 1106 Notary Fee 150.00 1108 Title Insurance Estimated Title 850.00Misc 250.001200 Government Recording and Transfer Charges1201 Recording fees 90.00Estimated Closing Cost 9409.00Estimated Prepaid Items/Reserves 1280.00 Est. settlement charges 10,689.00

[venicefloridarealtor]

If you question your lender's ethics... GET A NEW LENDER! Some of those fees are definitely legit, it costs a lot to close on a loan when buying a new home. If your loan officer cannot justify and give you a detailed explanation of what each item means, then I highly suggest you find someone else if it's not too late. Some lenders charge different amounts for certain things, and a majority of what you have listed looks legit. Some lenders will offer incentives like free appraisals and such, but you are getting a pretty good rate. If your lender cannot be up front with you about exactly what the costs mean, definitely get out now!

[lalang]

Yeah if you don't trust them then get a new loan officer......But yes it does cost a lot to refinance your home....I work for a mortgage company now and they make a pretty penny doing this.......

[DragonPrince]

Here's a break down801- 1% origination fee this is typical, will be paid to mortgage broker, basically their fee for doing the loan for you802- Discount fee, you should have agreed to this before hand it's a 1% fee to pay down your interest rate, if you didn't agree to this speak to your broker803- standard appraisal fee goes directly to appraiser808- Broker fee- Many brokers charge this extra fee, but it's definitely not necessary and once again if it wasn't disclosed on the good faith estimate you shouldn't have to pay810- processing, pays for exactly what it states the broker processing your loan, if you didn't use a broker you'd still have to pay a similar fee directly to the bankAdmin & Processing Fee- charged by the lender these are also sometimes called commitment fees1101-1106- go to the attorney, seems about the standard fees1108- title insurance- required by lender to protect you and them in case there are any flaws or liens against the property1200-1201- charged by the county register of deeds to record the deedsHope that helps, I know it's a lot but the broker should have gone over all these when they gave you a good faith estimate. Most of them are standard check with your broker though about the broker fee (you should be able to negotiate out of that) and the discount fee if you don't want tp buy down your rate

[InsideMan776173]

You must be looking at the estimated HUD1 closing statement judging by the fact that you have provided line numbers. On this estimated, it should be disclosed who is getting the various fees.801. Origination Fee should be goint to the mortgage broker. This is a normal fee and at minimum is 1 percent of the loan amount.802. Loan Discount Fee should be going to the lender that the mortgage broker is dealing with. Did you buy your rate down at the time you locked in? If it is disclosed going to the mortgage broker, I would question that heavily.803. Appraisal Fee should go to the appraiser who did the value analysis on the property. Sometimes it is disclosed as going to the lender, who in turn pays the appraiser directly. This is a common fee. Since you have it brackets, I assume you paid for this up front which is common with refis.808. Mortgage Broker Fee in my opinion is another junk fee. Question it!There should only be one Processing Fee going to the mortgage broker. The Admin Fee should be going to the lender and their processing should be covered in this fee. Also, do you see a Yield Spread Premium? This is money paid to the broker from the lender outside of closing. This is additional money the broker is making on this loan and by law must be disclosed.All of the title charges are normal fees and must be paid. You could save the notary fee by signing your loans docs at the Title Company's office rather than have a notary come to you. The Misc Fee, question it.The recording fees are required and depending on what county the property is located, will determine what the cost is. This is a normal charge.From the time of your loan application, the broker has three days to provide you with a Good Faith Estimate and a Truth in Lending. Where these provided to you on time? Also, the broker should have given you a pamphlet discribing all of these charges. Did the broker provide you with this pamphlet at the time the disclosures were provided? If not, call the broker on the carpet and tell him you will go to your states Attorney General's Office or (if your state has one) the Department of Real Estate. With the industry hurting as it is, this broker will jump through hoops to get this deal closed.