Should that apply to just the 80% loan and not the 20% loan? What he did was charge 1.33% against the 80% which made the charge 1% for the whole loan, I think I got the shaft...
2006-12-01 20:18:55 · 5 answers · asked by poliktail 1 in Business & Finance ➔ Renting & Real Estate
No you did not get the shaft. You got an angel. I am sure if you look at the whole loan it is only 1%. Brokers only make the money they can charge to a client. You should have been charged 2-3% just as good business. Relax, it is all good. Sleep well knowing your broker took care of you and that getting your home was foremost. I would be offended if I thought I had given away my time and services and saw this posting. You owe them a HUGE thank you!
2006-12-02 03:10:10 · answer #1 · answered by MARY A 2 · 0⤊ 0⤋
If the broker only charged you a 1% origination fee, look for other hidden fees, too. They could be titled under "documentation fees", "preparation fees" and others with no explanation. These are fees they collect from you for lending you the money. Funny thing is, they will collect a large commission from the investor, too...it's a money game, you pay and they win.
2006-12-03 00:04:18 · answer #2 · answered by Barbara 5 · 0⤊ 0⤋
Well, 1.25 against the 80% would have made it come out to 1% on the total, but either way, I've only seen 1% against the 80 before.
2006-12-02 00:41:06 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
I would have charged you 2% for origination. Be happy that your broker believes his services are only worth 1%, you got a good deal.
2006-12-02 01:09:39 · answer #4 · answered by Michel D 2 · 0⤊ 0⤋
Thats a good %sometimes they go as high as 2.5%.
2006-12-02 00:54:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋