All Forum Posts by: Varun Parkash

Weren't these fees all disclosed to you upfront? Didnt you read the whole contract and settlement statements?

In the grand scheme of things 4300 isnt a great deal of money, and if the deal (which you haven't disclosed) was properly vetted then you should be able to make up the money much faster then 7+ years. You will have increasing rents, property appreciation, tax write offs. ect.

If your going into the deal feeling you have been ripped off it will sour the whole experience. Move forward with your investment, and use the education you have received on this deal to better your prospects on future deals.

They termed it as estimated charges back in Dec 2017 and fooled around

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Originally posted by @Jay Hinrichs:

Loan origination fee will be added to this.. if not they are making a yeild spread premium is how they are getting paid.

a loan company cannot stay in business unless they make 3 to 5k per file.. not possible. over head would kill them

if its a bank direct then thats different

it is a direct big bank

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Originally posted by @Wayne Brooks:

These are not “loan origination” they are closing costs.
Are you paying for two appraisals?
I’m guessing you needed more time, hence the reason for the rate kick extension fee. Nothing else looks out order.

The actual break-down is a scary $11,000 bill for closing costs and here's the breakdown:

1. Extended Lock Fee: $1233

2. Loan Processing Fee = $1095 3. Loan origination charges of $3024

4. Appraisal = $477

5. Title = $1374 6. Home Owner Insurance Premium = $1200

7. Prepaids = $1357

8. E : Taxes and other govt fee = $1143

9. $3420 property tax - which i obviously would pay regardless of lender or not.

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Hello Folks, i am working with a major bank and they have charged me $3024 in Loan Origination Charges for a 250K loan.

$1234 = Rate extension lock fee

$1357= Prepaids

$477 = Appraisals

$1095 = loan processing fee

They took $1792 from me in Dec 2017 for appraisals and initial fee and fooled me by giving 3.875 but in reality my rate turns out to be 4.25 and it will take me 7+ years to recover all this fee ($3024 + 1234 = around $4300). It is a standard 30yr FHA with 20% down.

What are my best options now? My closing is in 2 weeks.

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Originally posted by @Peter M.:

I am confused by this post as well. There is no legal limit on how many houses you can own. Are the husband and wife not living together? If the wife buys a home as her primary residence and doesn't move in that is mortgage fraud. If both spouses are trying to prove 2 different homesteads for tax purposes they would have to be very careful because that could be construed as tax fraud. I think you need to find a new lender who can explain this situation a little better.

The whole argument here boils down to the single fact of how to go about using the wife's name on title and mortgage for the 3rd home to qualify her in the eyes of bank as a "primary residence loan" holder to get the lowest possible interest rate when genuinely - she will be living with her husband in that 3rd home and is not doing any mortgage fraud.

The lender advice has been: keep your wife out from the first two homes titles since she is not on the mortgage of them and only use her name on title and mortgage for the 3rd home to get the primary residence loan. If wife gets her name added to the title on any of the previous 2 homes owned by husband - according to lender - she will have a VERY HARD time in removing her NAME from the title of those previous 2 or 1 homes - because underwriter will DEMAND a letter of explanation and unless the wife is GETTING separated or divorce or unless the husband is refinancing the loan = the Underwriter will DENY her letter and ALSO DENY her the "primary residence loan" that she wants to get for the 3rd home.

Is it making sense?

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All Forum Posts by: Varun Parkash

Varun Parkash has started 14 posts and replied 120 times.

Post: $3000+ in Loan Origination Charges - Closing in 2 weeks - HELP

Post: $3000+ in Loan Origination Charges - Closing in 2 weeks - HELP

Post: Its beginning to feel a lot like 2005 everywhere I look

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Post: $3000+ in Loan Origination Charges - Closing in 2 weeks - HELP

Post: $3000+ in Loan Origination Charges - Closing in 2 weeks - HELP

Post: $3000+ in Loan Origination Charges - Closing in 2 weeks - HELP

Post: $3000+ in Loan Origination Charges - Closing in 2 weeks - HELP

Post: $3000+ in Loan Origination Charges - Closing in 2 weeks - HELP

Post: 4 Property : Primary/Vacation (Husband-Wife - Separate buy) Poss?