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Hey Glenn! What advice do you need? Its hard to make out this picture from the small and blurry font. Thanks!
Thanks. There seem to be a lot of fees on this $48,750, and I dont know which ones I can negotiate or whether any of them sound bogus:
Total Loan Costs ($4077):
% of Loan Amount (Points)Admin Fee: 150Loan Origination Fee: 700Processing Fee 575Underwriting Fee $795
Appraisal Fee $550Credit Report $50Electronic Income Check fee: $20Flood Certification: $12Mortgage Elec Reg Sys Fee: $12Tax Service Fee: $90
Title - Attorney Fees: 795Title - Closing Protection Letter Fee $45Title - Lender's Title Insurance $133Title - Title Examination Fee $150
Other Costs ($2236):
Recording Fees and Other Taxes: $90
Transfer Taxes: $213
Prepaids: $661 (Homeowners Insurance (1 year) and Prepaid Interest)
Initial Escrow Payment at Closing: $800 (Homeowners Insurance per month for 2 months) + Property Taxes $100 per month for 7 months
Owner's Title Insurance: $472
Hey @Glenn Martin ! The loan fees look a bit high, but your other costs look fine since most of them are due to escrow and property tax. I would recommend going to the bank and seeing if they can do something with the processing or origination fees. The worst thing they can do is say no, but at least you asked. Other than that, if the deal is good enough the opening costs shouldn't make or break the deal anyway. I would worry more about rehab costs (if any) and seeing what you can do about the rental income. Good luck and happy investing!
Glenn - several questions to ask? is this an owner occupied or investment loan ? value of property ? type of loan you are getting ? interest rate tied to this $700 orig fee ? your credit score ? ( all these items affect pricing ) ......I would ask if these can be reduced / removed Admin Fee: 150Processing Fee 575Underwriting Fee $795
you also might ask your loan officer if you can increase the rate in order to get a lender credit towards soem or all of these costs
Thank you!! Very helpful! @Trevor Scheiderer
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