Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for T Block

I just got prequalified for a home loan ($85K) in the Northeastern Ohio area. Are these fees high?

Loan Amount    $82,025.00
Interest Rate   3.625%
A. P. R.   4.548%

Origination Fee 1    $820.25
Appraisal Fee     $350.00
Tax Service Fee $72.00
Application Fee Lender $350.00
Appraisal Mgmt Co Fee    $150.00
LP Auto Underwriting     $20.00
Underwriting Fee   $400.00
Prepaid Interest     $194.98
Mtg Insurance Prem.     $820.00
Hazard Ins. Premium    $800.00
Owner's Title Policy fee   $488.00
Title Ins Fee $332.00
Recording Mgt  $44.00
Recording Deed   $28.00
City-County Tax Mgt    $94.33
State Tax/Stamps    $82.03
Additiona Recording Fee $72.00
Escrow Reserve Amt. $1,750.00

Total Estimated Charges $6,774.34
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 09 2012 - Cleveland
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

Won't contacting multiple lenders lower my credit score 
=======================
just ask the same lender to provide you with additional estimates at 3.75% and at 3.875% and at 4%, you'll see a reduction in fees for what amount to a negligible increase in payment.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 10 2012
Hey T Block,

    Those fees are OK.  The rate is OK as long as it is a FHA 30yr.  If that loan is a 15yr you can do a lot better. I would not let multiple lenders pull your credit, but you should find out your credit score from this guy and tell it to other lenders.  Then see what they can do on a FHA purchase.

Hope this helps
Paul 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 09 2012
One of the fail safes that have been implemented here in Ohio is that total costs not counting pre-paids cannot exceed 5% of the total loan amount. If you would like to discuss fees .  [content removed by Zillow due to spam, please refer to our Good Neighbor Policy for details.]

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 09 2012
Profile picture for shapiroamg
You probably need to speak to someone in OH to be able to compare what it traditional in OH.   What strikes me is the need for an application fee which usually would cover appraisal and credit report.   In this case they are charging for an appraisal so what does a $350 application fee cover?  I would not expect a credit report to be more than $100.  A separate charge for Appraisal MGMT??
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 09 2012
Profile picture for T Block
Won't contacting multiple lenders lower my credit score?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 09 2012
The best thing you can do is contact one or two other lenders for Pre-Approval and ask them for their fee sheets and compare the three.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 09 2012
 
Related Questions
Charge-off bought by Junk Debt Collector - how to get approved for a mortgage?
Profile picture for sunnyview
Latest answer by sunnyview
April 04 | 5 answers
fannie mae fees for a 20% downpayment loan vs 25% downpayment loan. No fee for 25% down
Profile picture for JullSanders
Latest answer by JullSanders
March 12 | 10 answers
  • Asked by friendsone
  • In Mortgage
  • March 09
Can we still do a Harp loan?
Profile picture for Jason  Fox
Latest answer by Jason Fox
February 13 | 3 answers
VA loan + low credit score = house within 7 months??
Profile picture for Kimberly Lawson
Latest answer by Kimberly Lawson
November 22 2013 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2684 Leighton Rd, Cleveland, OH Home For Sale
    2684 Leighton Rd, Cleveland, OH 44120

     For Sale: $399,900

    • Beds: 4
    • Sqft: 3177
    • Baths: 4.0
    • Lot: 22215
  2. 6192 Winchester Dr, Seven Hills, OH Home For Sale
    6192 Winchester Dr, Seven Hills, OH 44131

     For Sale: $129,900

    • Beds: 3
    • Sqft: 1753
    • Baths: 1.5
    • Lot: 12632
  3. 3884 W 130th St, Cleveland, OH Home For Sale
    3884 W 130th St, Cleveland, OH 44111

     For Sale: $59,900

    • Beds: 4
    • Sqft: 2785
    • Baths: 2.0
    • Lot: 6098