i have a $460,000 house what fees should i expect to pay to a mortgage broker?

Question

my credit is pretty bad (midscore in the 5's)

Answer 1

i have never paid a fee...
all my mortgages were paid for by the lending institution for being a great referral
i've seen some high fees..but all paid for..not incorporated into the loan..right out cash to the broker..not a cent hidden or charged in any way........

Answer 2

I suppose you are speaking of purchasing a $460,000 house, and you want to know what your mortgage broker is gonna charge you.

You have a very difficult loan to do with your mid score in the mid 500's.

Now as far as Openthah speaking of getting greedy for charging 1% of the loan amount for services by a mortgage broker. I suggest that he sell real estate and leave the mortgage end of it to someone that has chosen that profession.

He does not want anyone to tell him he is greedy when he charges an outrageous 6% to sell a property. So he should earn what he think his services is worth and allow others to earn what they think their services are worth.

Doing your loan will require you to come out of pocket with a very suibstantial down payment because with your score we are speaking of getting you a loan somewhere around 60%-75%. Also the rate will be very high.

I suggest a 2/28 or 3/27 or get the amortization out as far a possible, so you can keep the monthly payments low These are thirity year loans, with the first number indicating how long they are fixed until they adjust.

Before they adjust you should refinance the loan with another company. You must pay your mortgage on time and keep up with your consumer credit, other wise this exercise has been for naught.

I would think that you are gonna pay around 2-4 points for this loan and about $2000-$2500 in lender and mortgage broker fees.

Keep in mind that most of your points and fees are tax deductable. (Check with your tax preparer for any and all tax advise)

Another thing to remember is that this mortgage broker had nothing to do with how you got in this credit situation. He can only handle what is now.

So lesson learned keep your mortgage and consumer credit paid on time, refinance before the adjustment term is up to the current interest rate.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Are you selling a house? Then you'll pay 6%. Are you you buying a house? Then you better have a lot to put down and make a lot money because you are going to get a lousy loan with a mid 5 score. Sorry. It can be done, but you will have to work this deal very careully so that you don't end up with a $4000 mortgage payment. The fees should be 1-2%.

Answer 4

Mortgage brokers fees are negotiable. Read your agreement. I have seen them charge as much as 5%. I have a deal with mine that it is only 1/2% plus $850 to cover application fees and underwriting. But I deal in quantity of houses. Yours is quantity of money so you may be able to negotiate the same deal. There are a ton of Mortgage Brokers shop around until you find a cheap one. However, not all brokers are created equally. Just because they are cheap doesn't mean that they are good. Call lendingtree.com believe it or not they are pretty good.

Answer 5

1% origination and $250 processing everything else is Junk Fee. If your deal is simple. Some will try to take advantage because of the mid 500's. If it's a difficult loan possibly they may try to charge you two points. But hey cant get greedy when your getting 4600 to do a loan. Guess some can but I dont just part of the job. Good luck and if you want me to look at your GFE's and educate you on Junk Fee's will do guess what for FREE.

Answer 6

Normally is 1% of the loan amount . I am a loan officer and I charge 0% to my customers.How? Drop me an email,if you want more info:
[e-mail]
I am working for last 5 years in this profession.
Thanks,
Patrick