Hello all! I am pulling cash out of my primary to fund a couple of buy and holds.
Those of you in the know, if you wouldn't mind taking a look at these numbers? I feel the total cost to make this happen is high, let me know what you think.
80%/160k new loan amount
Total cost is around $7,300. I was expecting total costs around $4,000...?
Thanks for taking the time!
What fees are listed on the good faith estimate?
Origination - $3670. However, he made it sound like there was a title fee of sorts in that number.
Appraisal, credit & flood cert - $637
Title services and lender's title insurance - $2683
Gov't recording - $150
Daily intgerest charge - $256 total for 13 days
the origination fee seems high to me, I am currently refinancing my rental and it has an origination fee of 1190. This is from Wells Fargo at 4.75% on a 30 year for around 150k total loan amount.
Find out what the exact breakdown is in the origination. Sounds high.
Michael, I've been trying to tag [email protected], but it's not working for me.
Items covered in origination;
1%, $1,600 origination fee
$890 processing fee
$395 document prep
$175 warehouse funding, not for sure what that is
$15 registration fee
Finally, it worked. See the breakdown of what was included in the origination fees.
Why are they charging you a point? Are you buying the rate down?
$395 document prep
$175 warehouse funding
I would have these removed. Have you shopped other mortgage brokers or banks?
Yes, I just got off the phone with Wells. I currently have my loan through them and they are saying about $2,500. Big difference!
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