Loan origination of 2% appears normal. The rest of the fees usually run about 1-2% of the loan amount so all that looks right. I refi'd not too long ago and my fees ran about 3-4% IIRC.
details my man, like were and what? I am looking to visit some other banks tomorrow and want to be prepared. Thanks
I think he means that in general you're getting ripped off. It's normal. i.e. if you go to the ER only to get a few band-aids and you pay thousands... it'd be about the same at any ER but just because it's normal across the board doesn't mean "across the board" is fair.
You have to show us how they broke out your closing costs? If it includes back taxes, etc, that might explain why. Loan origination should be 1% or less, so that will vary depending on how much you borrow. Some fees will be the same no matter how much you borrow - filing fees, appraisal, etc. Just post part of the Truth in Lending info.
Why are you paying towards an Escrow account in Line #9, if you are under a conventional loan? Other than that, looks like you are paying between 1 to 2% origination fee. I used a credit union and they waived that fee altogether.
what?? all an excrow account does is make sure he is paying his property taxes. What does that have to do with what kind of loan he is getting?
Closings costs are normal, but that interest is high. I know some folks that refinanced for 2.8% on a 15 year. A 30 year would be around 3.4-3.5% for 80% LTV.
Alright, I thought a fair amount would have been 2.5k or so I will check some other banks tomorrow morning... Does anyone know a bank that would do a conventional with less than 20%? 10% would be perfect, I know PMI would be included for my monthly payment but I'm fine with that as of right now.
I agree...the loan officer pulled my credit report 760 on transunion and the other two show 670 because of a medical unpaid bill from 2009 (which I have paid on time - so much for checking my credit to fix this)
There is no PMI, if you get 2 loans. A 80% 1st 30 yr fixed and 10% 2nd lien 15 year fixed can be done. Closing costs will be a bit higher. Equity will build up faster on the 15 year 2nd.
This can be done with the same bank? How risky is it having two loans? I mean 10% for 15 years can be paid off pretty quickly...
I guess between the new home buyer credit and the $550 month total after HOA fees and escrow I felt the only ripoff was the whole Treaty of Paris signature kabuki.
Escrow is an option you can choose on any type of loan. It just means that money is taken out each month to go towards paying your taxes and insurance at the end of the year. If you don't escrow, then you have to come up with a lump sum. Many people find it easier to just escrow so they don't have to worry about coming up with a large chunk of money when the tax bill is due. Escrow isn't a fee...it's just an option on how you choose to pay your taxes/insurance.
