You are too funny..... "anyone honest out there?" ;-)
Excessive junk fees are what you allow them to be. I suggest getting several quotes, in your case, more than several, (you untrusting soul you.... ;-) )and insist on getting the Good Faith Estimate of Closing Costs which gives the closing costs in lump figures, the Fees Worksheet (if the mortgage originator is using Calyx Point for software) which breaks down all the specific charges and the Federal Truth - In -Lending which gives the Annual Percentage Rate (APR).
Here's why - the disclosure laws have changed over the last two years where more disclosure is mandatory and has even the playing field between direct lenders and mortgage brokers. What is not being disclosed is that the company, lender and/or broker, has a non-disclosed profit margin now built into the equation that isn't disclosed - the mortgage originator doesn't control this and in some cases don't know is added into his pricing that he/she gives you.
So, today, it's best to review all the documents I referenced earlier to determine what is a fair quote.
Because the mortgage originator has his commission locked in with his broker/company, an honest one will gladly disclose his current rate sheet pricing with you.
That's it - If I can assist you further, feel fine to drop me a line......
My bank loan fees with 0 points are $1085. They include an underwriting fee, processing fee and a tax service fee. Remember, as everyone stated below, it does infact cost money to process loans. In addition to bank fees, you'll always have 3rd party fees such as appraisal, credit report and title/escrow fees. You can give me a call to discuss in more detail at 619-238-2700. You always have the option to take a bit of a higher rate so the lender can cover your closing costs or increase your closing costs by taking a lower rate. It all depends on your specific financial plan or situation.
I try to help you plan your mortgage by discussing your goals and long term plan. In short, "junk fees" are hard to define since no matter what, loans will always have fees associated with them. In today's environment, most lender fees are comparable to the other +/- $200 or so.
When you have time and if you're interested in more details or a rate quote, feel free to call me or anyone else that commented here. More than likely, they're all upstanding professionals if they're still enagaged in this industry today.
You can get a quote from lots of lenders to compare.
It costs money to process, underwrite and fund a mortgage. These fees are not padding but the lender trying to cover their costs. Have you spoken to a knowledgeable mortgage originator who can explain the Good Faith Estimate to you. Everything starts to make sense when you work with a mortgage originator.
I can help you with this.
Just give me a call at 619-398-3885 to discuss your options.
We have an in-house lender that's very successful making loans and can save you a great deal of money.
Check our company out at http://www.argsd.com
Please let me know how I can help you get what you want!