Please help with closing cost origination fees?

Question

I have a question regarding my origination fee? just wondering if its a good deal, the broker said it was, figured she would say anything (keep in mind my credit is fair and i make 45,000, but i also have other income verify)
here my "good faith estimate" Im refinancing my two family house (appraised at 620,000) its a conventional loan fixed for 30yrs i'm located in new york city

loan amount 461,000
interest rate is 6.75
origination fee is 1.500% = 6,915.00??
estimate closing cost include the origination fee and other fees > totaling >> 22,146.00

any info u can provide arould be greatly appreciated, thanks :)

fairchild from new york

Answer 1

ok i checked out the rate...and the cost...

and you should not be getting a rate OVER 6.5% and no

more than 1% origination fee for a 30yr fixed....
if it's a rate/term refi...then the rate should be around 6.375%

Answer 2

I am in the mortgage industry and you are paying WAY TOO MUCH for your closing costs! Our standard is a 1% loan origination fee unless you would like to take a higher interest rate to absorb closing costs. On the information that you have listed you should be paying around 7-8k for your refi. I don't know what the par rate is in New York but here in WA that is high for a 30 yr. fixed.
Try going with a bank or credit union. Call around to some of your local banks in NY and give them the breakdown of your loan. For example you would say:
I am refinancing my 2 family house, it appraised for 620k, I owe X amount on it (that will let them figure out your loan to value), with a middle credit score of ___insert # here, if you don't know what your scores are ask your broker to send you a copy of your credit report, and ask all of them to send you Good Faith Estimates and a Truth-In-Lending Disclosure.
Compare them and go with your best deal!

Answer 3

do not, do not take a ARM and six.seventy 5 is a splash extreme yet not undesirable with honest credit. The origination fee is purely too extreme must be a million%, additionally inspect the crap costs. Recording costs $200 (fee them $50), appraisal costs $500 (fee them $4 hundred or much less) courier costs $one hundred (fee them $20) ect. additionally how can you make a mtg fee between $2500 to $2800 in line with month (taxes and coverage coated)on $40 5,000 in line with 365 days until now taxes whilst your mtg fee are going to be $30K to $33K in line with 365 days? something isn't acceptable!!!! you does not qualify for a $461,000 mortgage with in easy terms a $40 5,000 earnings, you do not make adequate funds.

Answer 4

Please call chase, countrywide, or any other major lender for a good faith estimate. No One can say whether or not you are paying to much w/o having ALL the details. Since this is a two family, do you occupy one of them, or is this an investor loan? Are you es crowing taxes, insurance? These will be part of your pre-paids, which are included in your overall c.c. . That being said, is your rate a fixed rate! Have your lender give you a truth in lending, and mortgage disclosure. READ them carefully! Ask questions! Hope this helps, Good Luck!

Answer 5

You are paying way too much for the mortgage. Interest rate is a bit high but your debt to income ratio with that loan is not all that great and you said credit is fair so that interest rate is not outof line. The mortgage costs are. Shop around mortgage brokers.

Answer 6

That rate would be considered high here in South Carolina. 6.75 was from months ago. Rates have come down. The typical origination fee here is 1%

Answer 7

Does bankrate have closing infor ?

http://www.bankrate.com/#

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