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Wells Fargo refi quote fair or over priced?

Thought I would quickly list the fees on the "estimated cost" thing Wells Fargo sent me. The total closing cost is over $10,000. It makes me wonder if Wells Fargo is charging me much more then other lenders or if other quotes I received simply didn't include all the closing costs.

To refinance my loan of $145,751 (26 years left on a 30 yr fixed FHA AND assumed value of $160,00)  with current rate of 6.25% to a 30 yr fixed FHA with 5% interest rate.

Origination Charge:  $2,227
Appraisal fee:  $495
credit report:  $15
Upfront FHA MIP:  $ 2,681 (can be rolled into loan)
closing/Escrow settlement: $350
Courier: $50
Doc prep/Attorney: $150
Title Insurance-Lender coverage: $1,225
Flood:  $19
Recording fee-Mrtg:  $68
Recording fee- Releases: $56

Total approximate cost of closing fees:  $7,336

Prepaid interest and escrow reserves

Interest estimated 15 days @ 21.35 a day :   $320.75
Real estate tax escrow:  $3,177
Aggregate adjustment: $665

Total approximate cost of prepaid interest and escrows: $2,832

Total approximate cost of SETTLEMENT CHARGES: $10,168

New loan amount would be $155,881 with no out of pocket



  • January 26 2010 - Fort Worth
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Answers (14)

4.875% with no points is great pricing.

5.00% with no points is good, probably about average, retail pricing.

5.00%, with over a point, is bad retail pricing, bordering on gouging of the naive, and somewhat panicked, masses.

The chance, of you talking the WF guy into 4.875% no points, is slimmer than the skinny Olsen twin.

And, you should talk to Jason, and/or another experienced Mortgage Broker, as recommended, to try to achieve this. Before doing so, beat your exact credit scores, and appraised value, out of the WF guy.

4.875% no points, is strong money. Anyone who offers this is serious about your business, and theirs.
  • January 27 2010
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You should be able to get 4.875% with no points today.  Like I said before call Jason Phillips to assist you with the refinance.
  • January 27 2010
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Profile picture for nflguy
To those that responded that this was over priced.

If the origination charge was removed would the deal seem fair for 5%? It would still add over $7,000 to my loan even if the origination charge was $0.

  • January 27 2010
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There has never been a better time to get the pricing of a Mortgage Broker

The Banks are gouging folks. Because they are greedy and they can!

Get a second opinion from a Mortgage Broker!
  • January 27 2010
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Profile picture for Xcapital Inc Ca
yeoww! Take out the origination fee and then the deal makes sense.
  • January 27 2010
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Way too Much!!!!
  • January 27 2010
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Agree with NIC...you can do better.
  • January 27 2010
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WAY OVERPRICED!
  • January 27 2010
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You can do better........ 4.875% with no origination fee is available with credit score above 660. The title policy is high if you bought property in last 5 yrs. but that is a regulated fee.  Your escrows are not a cost but a pro ratio of your future  tax and ins. payments, and you will get a refund of your current escrow acct. after closing.  Don't put off refinancing as rates are likely to increase and you will lose the best opportunity.....
  • January 27 2010
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The origination charge is too high for 5% on an FHA 30 yr. fixed.  You should submit a loan request here or contact any of the lenders to the right.  A couple of them probably offer FHA financing and they can also review a conventional loan to show you the difference between the 2(you had another post regarding this.)
  • January 27 2010
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Profile picture for SunTrust
The UFMIP ($2,681) you'll have to live with if you go FHA. You can save the appraisal fee if you pay your closing costs out of pocket instead of rolling them in (UFMIP can be rolled in either way).

The recording fees are charged by your county.

title insurance on $155k in Texas should be about$1,200 +/- 

The origination charge looks like you're paying about 1 1/4 to 1 1/2 points (origination fee plus 1/4 to 1/2 point) for 5%. A bit pricey for a streamline. Depending on the lender out there you should be able to knock off at least $1,000 on the origination charges.
  • January 27 2010
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Profile picture for Dallas Banker
Because you are above 80% LTV, you will be required to escrow your insurance regardless of whether you go with a Conventional or FHA loan. I'm surprised it was not included in your estimate from Wells Fargo.
  • January 26 2010
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This is a home. My insurance is through State Farm. I will have to check and see how much is for my homeowners insurance.
  • January 26 2010
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Profile picture for Dallas Banker
nflguy - Is this a condo or a home? I see no mention of your homeowners insurance. Either way, a 5% rate, coupled with $2227 in origination is excessive. You can definitely do better than that. Also, just a reminder that any quotes received through Zillow only include the lender fees; prepaid interest, escrow impounds and title are not included.
  • January 26 2010
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