Are these lender fees reasonable on a 91,000 home loan?
1% Origination Fee = $913.50
Appraisal Fee = $350
Credit Report = $14.51
Tax Related Service Fee = $125
Processing Fee = $195
Underwriting = $300
Wire Transfer = $25
Application = $295
Flood Cert. Fee = $20
Admin. Fee = $180
Transaction Fee = $329
Doc Prep Fee = $200
Located in New Orleans, LA.
The appraisal and credit are about right. Tax service is usually between $75 and $100, but I don’t know where you are. Fees can be very different across the country.
There are a few junk fees there…processing AND underwriting AND application AND administration AND transaction AND doc prep…Are all of those from the lender or could some be from the title company? They seem a little high if they’re all for the lender. I’ve worked for several different lenders over the years, and I’ve never seen that many lenders fees…is there a mortgage broker? That could account for some of the fees.
Do you know there are lenders that pay the closing fees for you? I don’t mean roll them into the loan, but actually pay them.
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Yeah it sucks but I’d say they are definitely normal.
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Looks like closing costs…
Yes, that is reasonable, right under 3k.
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yes this is right, but it is a shock when they break it down in front of you but this is closing cost.
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I’d say honestly, just bc Im right there with ya at this point.. its pretty close. U might want to ask about the application fee though… thats just retarded. Mine was 50 bux. Thats probably only part of the closing though.
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That’s about right.
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The appraisal and credit are about right. Tax service is usually between $75 and $100, but I don’t know where you are. Fees can be very different across the country.
There are a few junk fees there…processing AND underwriting AND application AND administration AND transaction AND doc prep…Are all of those from the lender or could some be from the title company? They seem a little high if they’re all for the lender. I’ve worked for several different lenders over the years, and I’ve never seen that many lenders fees…is there a mortgage broker? That could account for some of the fees.
Do you know there are lenders that pay the closing fees for you? I don’t mean roll them into the loan, but actually pay them.
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Closing costs are negotiable.
The application fee is a BS fee, question that. A processing fee, admin fee, transaction fee and document prep fee are about two BS fees too many.
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Oregon Realtor