Best of Luck!
Agent below wrote...."You may have already received a copy of the Good Faith Estimate from your discount mortgage broker and are finding that the actual closing costs and fees are nowhere near what you were promised."
YOU GOTTA BE KIDDING ME!!! I'm not sure where this agent has been since April of 2010, but we in the mortgage industry all know the HORRENDOUS and ABSURD over regulations that we're all having to deal with!
Its amazing to see posts from some who seem to be clueless as to all the new rules and laws in lending (i.e. RESPA, MIDA, Dodd Frank Reform Act, etc.) that the Origination Charge quoted can not increase, NOT even 1 red cent!
Where have they been over these past years?
read this here: http://www.trulia.com/blog/steve_31/2012/05/the_fall_and_now
Now that is a different story.
See, because Banks and Lenders close in there own name, they are allowed to HIDE what's called SRP (Service Release Premium) or Overage.
Its an extremely uneven playing field as it makes it look like Mortgage Brokers charge points, but the bottom line is usually the Mortgage Broker can offer the best terms and/or the creative loan that get the job done.
Click below to understand what really goes on:
And anyone telling you about YSP likely has just enough completely outdated and irrelevant knowledge od how things USED to be to cause issues where otherwise there are none!
Question:== Did you even ask for one dime of the 6 points in completely FOREFIETED Tax Free home equity in real estate commission?
On a 300,000 purchase, the Tax Free equity going to the realtors is $18,000.00= approx. $25,000 of a person's Gross Pay
On the loan amount of approx. ----1/4 of a million dollars---.125% difference in rate is a Whopping Tax Deductible approx. $17.00 mo in payment, this on a loan that the borrower likely won't even have after 60 anyway!
$18,000.00 of Tax Free Home Equity vs. a tax deductible $17.00 mo, and you are worried about what the Mortgage Broker is making?
Its like worrying about a gnat while a tiger eats your legs! lol
You want to learn the truth about how things really are?
Read here: http://www.trulia.com/blog/steve_31/2012/08/service_release_
Those days are over! He or she CANNOT get a Flat Fee from you AND money from the lender too, not even 1 cent!!
This is an absurd rule from this Nasty Dodd Frank Reform Act that has eliminated options for consumers and causing borrowers to have to come out of pocket with money they prefer not to come to closing with.
Its also causing many deals to not close!