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Answers (6)
- mysql
- Contributions:102
broker fee and origination fee sounds terrible.
many credit unions offer mortgages without origination fees, but you might need to go conventional to get it. for fha, it seems fairly typical to pay 1% for origination OR broker fees. I haven't seen both though.
many credit unions offer mortgages without origination fees, but you might need to go conventional to get it. for fha, it seems fairly typical to pay 1% for origination OR broker fees. I haven't seen both though.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
It has you paying 2 points (1% origination plus 1% broker fee) to get 5.75%. Even at the worst day in the last month or so FHA hasn't been that expensive.
Depending on the lender 2 points would put you around 4.625 to 4.875% on a FHA 30 year fixed anytime in the last week..
The FHA mortgage up front insurance premium which is 1.75% of your loan amount is missing from line 902; it needs to be there otherwise your truth-in-lending disclosure will be wrong and your monthly payment will be wrong.
Depending on the lender 2 points would put you around 4.625 to 4.875% on a FHA 30 year fixed anytime in the last week..
The FHA mortgage up front insurance premium which is 1.75% of your loan amount is missing from line 902; it needs to be there otherwise your truth-in-lending disclosure will be wrong and your monthly payment will be wrong.
- skadoo8242
- Contributions:6
I uploaded a copy of my good faith estimate in case it would help, here's the link--------------> Closing costs good faith estimate
- Clay Branch, "Georgia Loans"
- Contributions:7856
skadoo8242, in one of your last posts you quoted your Bank of America rep saying,
I tried a mortgage broker and they haven't mentioned a fee, but the BofA agent told me theres always fees and that brokers usually place hidden fees like points. Which is the best place to get a pre-approval from?
Is the $9000 in closing costs coming from B of A? You need to list the charges and the line item # to see where you are getting ......
I tried a mortgage broker and they haven't mentioned a fee, but the BofA agent told me theres always fees and that brokers usually place hidden fees like points. Which is the best place to get a pre-approval from?
Is the $9000 in closing costs coming from B of A? You need to list the charges and the line item # to see where you are getting ......
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
$9,000 in closing costs on $90,000 in Fla is very excessive.
using round numbers:
lender charges (apraisal credit, processing, etc) @$1,000
Title Charges: @$1,000 to $1,200
recording @$100 to $200
transfer tax: @$200 to $300
intangible tax: @$200
hazard insurance: $800 to $1500
property taxes: no way to guess this, but this time of the year the seller is paying you the bulk of the tax bill anyhow.
total closing costs shouldn't be more than in the $3,000s.
using round numbers:
lender charges (apraisal credit, processing, etc) @$1,000
Title Charges: @$1,000 to $1,200
recording @$100 to $200
transfer tax: @$200 to $300
intangible tax: @$200
hazard insurance: $800 to $1500
property taxes: no way to guess this, but this time of the year the seller is paying you the bulk of the tax bill anyhow.
total closing costs shouldn't be more than in the $3,000s.
- Eric Smith, "ohiosmitty"
- Contributions:352
I'm not aware of closing cost being any higher just because of a short sale transaction. 10% in closing cost seems very high.
I hope the 10% includes your 3.5% down payment...note: Florida is considered a high cost closing cost State.
Go over your Good Faith Estimate carefully.
I hope the 10% includes your 3.5% down payment...note: Florida is considered a high cost closing cost State.
Go over your Good Faith Estimate carefully.
Fl Average closing costs on a short sale
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