Profile picture for Ann1818

My condo settlement fee is $7293.81.

can anyone please help me understand why the fee is so high?

Appraisal Fee, Title, Initial Escrow, home insurance is $2955.81.
And the remaining ( 7293.81-2955.81) = $4338.00 is the origination charge.

Could you please help me understand the fee amount?


Thank you so much!
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August 29 2013 - US
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Answers (9)

Sure...
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August 30 2013
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Thank you Joe!

May i call you at 3pm..?
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August 30 2013
Feel free to contact me through my profile and I will provide whatever guidance that I can
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August 30 2013
Profile picture for Ann1818
at the very beginning, i was told no pints and the upfront cost is 990 dollars, later, it is a surprise to be that the cost is so much high. I really need to sort this out before closing next week.

please let me know if i can call you to discuss further..

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August 29 2013
UFMIP is the Up Front Mortgage Insurance Premium that exists on all FHA loans.  It is typically financed into the loan amount.  This is Basic FHA 101 and should have been clearly explained to you more than a week before closing.  Unless you can get an extension to your contract there is not much that you are going to be able to do.  Realistically a good lender with a clean file could turn around a loan in about 2 1/2-3 weeks.

My main question for you is why are you asking this question now.  These numbers should have been made available to you right in the beginning.
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August 29 2013
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May i know what is UFMIP?

Please can you help me how to proceed with this situation now?
my closing is been scheduled next week...
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August 29 2013
If you are stating this correctly that is highway robbery.  FHA rates have never been above 5%.  I am guessing that the $4338 includes the UFMIP.  Not sure how much time you have before settlement but you really need to shop around for a better deal.  Rates are possibly a full percent lower.
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August 29 2013
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Type of loan is FHA, credit score is 675 and the rate offered is 5.25%
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August 29 2013
You would need to indicate type of toan - FHA or Conv - term, your credit score, and rate offered, for anyone to give you pertinent feedback.
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August 29 2013
 
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