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why do fees vary so much.

  • September 13 2013 - Delray Beach
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Answers (7)

You have to be very careful when comparing fees. The fees for buying a house are usually referred to as closing costs and they include lender fees, title fees, survey, inspections, etc. The good faith estimate helps you compare the fees of the lender but sometimes it can be confusing because the law requires the lender to disclose fees even if it is not customary in the area for the buyer to pay those fees so those fees have to be backed out.  As a service to my clients, I look over their good faith estimate and tell them what fees they will need to pay at closing. We can usually get the seller to pay for those fees when we negotiate the price of the house. I do see lender fees vary and sometimes it is based upon whether the lender is a broker or a financial institution. Sometimes lenders charge more because they help the buyers get their credit rating repaired so they can buy a house. So a lot of things affect it.  Usually if you ask your realtor he or she should be able to refer you to a good lender that has reasonable fees and does a good job.
  • September 21 2013
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Mortgage lenders will have different fees from one company to the next.  When you get a good faith estimate of settlement charges, this will break out the closing costs and prepaid items associated with the particular mortgage loan from that originating mortgage company.  You can easily compare the costs with the good faith estimate from one company to another to make the best choice for your needs. 

  • September 14 2013
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There are a lot of fees in the real estate and lending world so it is hard to know which one you are discussing but I can help you out with understand lending fees. Lender fees can vary from lender to lender. Some lenders do not cover things like closing costs, appraisals, etc. Then there's other lenders like myself, that are able to cover these fees within loan products. So in other words, fees can vary depending on the lender.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me.

Good Luck!
  • September 13 2013
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Also some of the fees you see with online quotes include a discount cost which is reducing your interest rate from par.  These are usually the lowest rates quoted because you are paying to reduce the rate.

  • September 13 2013
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Hi Gigi,

 What type of fees are you asking about?  Let me know specifically which fees you are asking about and I can get you a better answer.

 There are many fees associated with the purchase of a home.  Without knowing exactly which fees you are asking about make the question difficult to answer.   The two answers before mine are giving some insight into some of the fees.

 
  • September 13 2013
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Profile picture for cassandraevers
Lender Fees? Different lenders do different things for the buyer. Sort of like why you'd pay more for a haircut from a highly regarded and trained stylist vs someone who may butcher your hair. Experience, knowledge, how proficient the lender can close the loan...all of these things can contribute. By law fees cannot exceed 5% of the cost of the loan, so the fees do have some regulation!
  • September 13 2013
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HOA fees? Because each community pays for different things at different prices. Some have a pool, some have no pool and some have several pools. Some have elevators and some don't. Some do landscaping and pay taxes and insurance and some don't. You have to find out what each covers and how much reserve they have for emergencies.

tim
  • September 13 2013
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