What is a standard loan origination fee for a 30 year fixed refi?

Question

What is a standard mortgage broker fee? Is 1.5% a little high for a 30 year fixed refi?

Answer 1

it depends if you have a creative financing loan or not.
is it a government loan?
are you asking to pay all the cost in the front for a low rate?
you have to quote the rate also...and the product.
but 1.5% SOUNDS HIGH!
Also is it a cash out refi or standard rate/term.
Is your credit worse then when you first took out the mortgage?

Answer 2

There is no set standard. Every company has to earn $$$ to stay in business. I would think that up to 4% and getting your rate at par is much much better than paying 1% and getting par +++++ pricing on the rate --which my good fellow is just what you are getting. A 100,000 loan at say 6% x360 payments is $599.55 monthly but a 100,000 loan at 7% gives you a payment of $665.30. When you do the math you are much better paying the higher broker fee and getting your loan at par. The bank will pay them a yield for upselling you a higher rate and the points on the mortgage are tax deductible as well.
I am a mortgage banker in TN & KY

Answer 3

try for a short length of time which comprise a 17yr, 15yr or 10yr mounted. I did a refi by way of my community Federal credit Union for 10 yrs and at a much greater helpful fee than with the banks.

Answer 4

A point and a half is a tad on the high side, but not unreasonable.

If your credit were not the shiniest, it would be entirely reasonable...

Shop the loan around, you'll find others that will step up to the plate if you have a firm offer in hand......

Answer 5

There is no set amount. Depends on the loan and interest rate. Varies from 0% to 10%.

Answer 6

This fee can be negotiated. I would say 1.5% is high, depending on the loan amount.

Answer 7

I had 1% in recent transaction. This fee was paid my lender.

Answer 8

Yes it might be true

Answer 9

it depends...