i may be getting jipped from mortgage company.
2006-07-03 11:36:44 · 4 answers · asked by greatdame53209 1 in Business & Finance ➔ Credit
Yes, that fee sounds high.
I'm a mortgage broker. If I were doing your loan, I would probably charge a flat origination fee of $500 to $1500, depending on your credit and how difficult the loan was going to be to get done.
You should get a good faith estimate from another mortgage broker (we're not all bad!) and compare all of the fees.
Best of luck.
2006-07-03 15:06:43 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Normally the broker fee is 1% of the loan, so in this case, $500. They are overcharging you. I would find out why, unless, like the other answer said, you have extremely poor credit. What is your interest rate? You may be paying points for a rate and not realizing it either. I would definilty question it
2006-07-03 20:53:46 · answer #2 · answered by Hot Pants 5 · 0⤊ 0⤋
Sound like you are getting ripped off. The only reason I could see you paying that high of a fee is if your credit is so bad that you couldn't find a loan anywhere else.
2006-07-03 18:41:26 · answer #3 · answered by bistekoenighasteangst 2 · 0⤊ 0⤋
Yes, I'm a mortgage consultant. it's too high. Ask your friends, neighbors and relatives for referrals to a LEGITIMATE mortgage broker who won't take you for a ride.
2006-07-04 02:27:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋