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What type of Closing fees can a Bank (Bank of America) waive? My closing fees is $5000+!!

The purchase price of the home is only $190k. I am going through Bank Of America & want to ask them if they can waive certain fees.

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October 16 2009 - Glendale Heights
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It sounds like you are paying either a loan origination fee or discount points.  The actual costs necessary to close a loan are closer to $2000, depending the title company, appraiser, and lender....
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October 30 2009
Christine,

Your advice is off target again!  Stick to giving advice about loan mods and not regular mortgages!

1. Can the borrower Negotiate recording fees with the Registry of Deeds?
2. Will a borrower have the ability to negotiate a better rate for a closing than a loan officer that has the ability to send the closing agent volume?
3. Will a borrower be able to negotiate with the appraisal management company to negotiate the appraisal fees?
4. Will they be able to negotiate with the lenders credit report vendors?
5. The lender's Flood cert vendor?
6. Will the borrower be able to negotiate the tax bill down?
7. What about the number of days the bank collects in pre-paid interest?

I am convinced you have no point in posting but simply want to see your face on every thread...A quite SPAM campaign!
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October 24 2009
Your closings costs are broken down to lender, title, escrow, prepaids, etc...usually mosts of the closing costs are not related to the bank....you need to call all of those other third parties and see what they can do.
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October 24 2009
You've gotten some good answers here.  I believe you can do better by using a local broker.

Good Luck.
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October 16 2009

White Picture....


Just curious where Zillow Mortgage is based out off?  I was under the impression that Zillow is not in the mortgage business?

(Note Sarcasm...ZILLOW MORTGAGE does not exist...ZILLOW is not a mortgage lender)

Zillow Mortgage Marketplace-allows you to post a loan request and have close to 60 lenders make you offers...I suggest you do it and come back after you follow up with some of the quotes you receive and let us know how different the quote you received from BoA is from those received on Zillow.

If you are getting a fair deal...I will bet the differences are negligible.

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October 16 2009
I think that many borrowers think we get paid on all the lender fees: underwriting, doc prep, process and such.

It's be nice <sigh>; I'm paid solely on the loan amount.
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October 16 2009
If I were you, I won't go with BankOfAmerica (high fee, high rate, many requirements, in somecase BOA refuses loan to you the money after 2 months of review).
Try Zillow mortgage, or small local mortgage offices or CitiMortgage (CitiMortgage is a little more expensive than Zillow mortgage, or small local mortgage offices)
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October 16 2009
Tim,

I am glad you brought that up.  That is the very reason why the quoting allowed on Zillow, zeroing out fees, is all wrong and very misleading to the borrowers.  For when they get a GFE from me, I show all fees and offset some, if not all line 800 fees, via a broker credit.  And, I have to explain why I am doing so.

I think that many borrowers think we get paid on all the lender fees: underwriting, doc prep, process and such.  WE DO NOT!  We only get paid on ysp and/or origination fees.  So, many borrowers ask for the impossible by waiving fees that can't be waived nor be given a credit because the ysp is just too low.

Zillow can easily correct this by making us disclose all fees and activating a credit field beside the line 800 fees.  But, they refuse.  So, the junk quotes continue . . .
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October 16 2009
No magic lenders, No Magic Pricing, No Magic loans

As others have pointed out fees can't just be waived.  The truth is the rates and fees you are being quoted should not vary greatly between lenders if they do you have to question why..

If you are being offered a competetive deal then no, They will not be able to absorb any fees via a lender credit.  Rates and fees are a see saw...if you want the lender to absorb som eof the fees talk to them about paying I higer rate to offset the fees.  If the lower rate is more important to you the fees will be higher.

You can't have it both ways.
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October 16 2009

To expand on Greg's reply:

ECOA (Equal Credit Opportunity Act); fees can't be waived for one client without violating this; the fees have to be the same to each client. However, yes, a lender credit can be used towards the fees.

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October 16 2009
Shaghi,
You can ask . . .  Rather, ask if you can get a Lender credit to offset the fees you think are too high.  Bank of America just can't waive their fees.  Again, fees can be offset by a lender credit.
Good Luck.
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October 16 2009
 
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