Expected Lender Fee?

Question

I have a lender whom I worked with on my primary residence. She moved to a new company and the lender fee for the loan is $1600.

Is that about what is to be expected?

Will Barnard · Answer

Not enough info to answer your question. What is the loan amount for, what type of property, and owner or non owner occupied? With more details, you can expect an answer to your question.

Will Barnard · Answer

With small purchase amounts, it makes it very difficult to find banks to lend on them as there is just not a lt of money in it for them for the time. On a $100k loan amount, $1600 amounts to just over a point and a half. Not the worst thing in the world, but quite expensive for only a $50k loan.

That may not really answer your question but affordable or a good price is very relative depending on each individuals situation and thoughts.

As to the next question, you would need to locate a portfolio lender and typically, they will be smaller community banks (possibly credit unions). Today's market is different, so my experience in doing these types of loans was in a completely different market and this, I don't have any specifics I can give that would be relevant.

Brandon Hopkins · Answer

@Will BarnardPurchase price is likely to be $50-150, SFR, investment. Indiana if that matter. The lender is in CA.

Thanks!