$7,500 Refi settlement fee, too high?

Question

We are refinancing our $82k mortgage with $26 cash out. Home assessed @ $145k. APR deduction from 10.5 -> 8.7

Is Settlement fee of $7,500 too much (adding in broker, lender and title co. and $1000 title insurance fee)? Broker says their fee of $3800 is fair and common in Houston area.

Any comments??? thanks in advance!

OOPS... cash out is $26k, of course

Answer 1

you are being taken advantage of
because the BROKER knows how much money you are cashing out
they are trying to get their piece of the pie.
if that broker cannot do your loan for less than 2% take your business
elsewhere.
as a matter of fact, i am assuming you are already pre-approved
if your credit score is higher than 620 go to your local bank
and you will probably end up paying around 2% of your total loan
do not let that broker take advantage of you
remember this, you are in control
the broker needs your business
good luck

Answer 2

That is way to high. Closing cost should only run between
3 & 5%. That would be $3240.00 Total. For the broker to say that $3800.00 is noraml it's not. When you go to a broker for a loan they tack on junk FEES. This is how they make money off of robbing people. You can get a loan for the same rate through a direct lender. I work for countrywide home loans and I can do any loan a broker can. Feel free to contact me I would be more than happy to look over your GFE (fee's) for you. [e-mail]

Answer 3

Holy cow!!! That's very high. Get some more quotes and try the mortgage companies directly you won't be reamed with that "brokers fee".

PS I paid a couple of hundred dollars for my refi thru Wells Fargo Home Mortgage.

Answer 4

Yes it sounds high, I got a refi cash out with a total of about $3500 total in fees. My cash out was double yours. Did you shop around? You have 14 days to have various lenders pull your credit without hurting your score. Get good faith estimates from at least three and use one big national lender like ditech or countrywide.

Answer 5

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Answer 6

The "reasonableness" of the $3800 fee all depends on how hard and long it took to find a home for the loan. If you know your Loan Officer worked hard, he/she should be entitled to make a living. With your loan amount, this comes out to be more than 4 points you are paying. Judgment call is in your hands. Who am I or anyone else to criticize your loan, when we don't know the full story?

Answer 7

The Brokers fee sounds fair. You need to look at your estimate of closing costs. Usually you have prorated insurance and prorated taxes that go into your escrow account. Considering all of the things you listed, it doesn't sound that high.

Answer 8

Run like hell from that deal!

Answer 9

idk