How Much Does This Cost?

[sevendipity]

Does anyone know how much typically each one of those fees/charges would be based on like $100,000 so we could all see if we were overcharged? Or does it vary by state or type of property? I am so going home to see I got charged both the loan origination fee and the mortgage broker fee.

[Moe Bedard]

Hi Sevendipity,
Welcome to the forum.........
Unfortunately it varies from one unscrupulous broker to another.....
and no state is imune....

[sevendipity]

I getcha, thanks! I've been a memeber for awhile but mostly just read from the forum. I have an adjustable mortgage that I so far am keeping up with, and my condo is on the market, and I'm just trying to shave pennies every where I can to pay it down to refinance if it doesn't sell. I luckily am not in as dire straits as I have seen some people and for that I am thankful. But I've been through the ringer with mortgage people. No one will do anything basically 'til I stop paying and I'm not going tarnish my credit unless I have no choice. I appreciate everyone's dedication to this site! There's so much great information on here!

[Moe Bedard]

Thank you so much, we try to help as many as we can......
I wish you the best in your situation and if you need help and support......well you know where to come

Depending on the product and the state and the interest rate (did you buy the rate lower), the financing fees, i.e. origination and loan related garbage fees less any discounts should not exceed 2% in my opinion. That does not included Title, recording and other outside services, it does include appraisal, credit report, and such.

There is also another little gem....buried in your HUD-1 called YSP, that is what the broker was paid by the lender for bringing them this loan. That in my opinion should never be more than 1.0% of the loan amount, but then, I was not a Broker, I was a mortgage banker and we were regulated by our company on those fees back in the dark ages.