I'm buying my first personal residence in Houston and the company said if I use their mortgage broker there will be a 4000 closing credit. send me the prequalification letter with the following origination charges for a 224,191 loan amount. I wanted to know which is "junk" fees or negotiable. It was advertised if I use the broker there will be a 4000 closing credit
lender fee 1450
appraisal fee 520
attorney documentation prep 200
survey fee 390
homeowner insurance 1080
homeowner insurance 2 months: 180
property tax 2 months: 1066
texas guaranty fee 6
escrow messenger fee 10
tax cert fee 130
electronic recording fee 20
settlement fee 375
owner title insurance 165
lender title insurance 1563
Recording and transfer fees:
NTP recording fee 20
Additional Settlement Charges:
HOA dues: 950
HOA Capital contribution: 475
HOA transfer fee 150
Any advice would be appreciated!
From a title insurance perspective, the larger the loan, the more likely the settlement fees would be negotiable. The title insurance premiums will not be negotiable but you could choose not to purchase owners title insurance. Settlement fee, messenger fee, and attorney doc prep fee may all be negotiable.
@Jack W. Wong , I'd go ahead and get a quote from a few other brokers, too. Just because you're getting a $4000 credit doesn't make this guy the best choice.
That said, they are charging you a $1450 lender fee, which takes that credit down a big chunk right off the bat.
I don't see very much that is negotiable, or would be worth your time to try and find another provider for. Are these all the charges?
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