Home Buying in Downey>Question Details

aquezada, Home Buyer in La Puente, CA

I am currently looking for a home in the Downey or 562 area. The mortgage company is charging me $3700 on top

Asked by aquezada, La Puente, CA Thu Apr 30, 2009

I am currently looking for a home in the Downey or 562 area. The mortgage company is charging me $3700 on topof down payment, and closing cost. Is that standard procedure? The charges he said are for escrow fees, property tax, and insurance.

Help the community by answering this question:

Answers

4
Arlene Garcia Hanner’s answer
BEST ANSWER
If you don't feel comfortable with that mortgage company, maybe you should try another. Were you provided with a Good Faith Estimate from this lender?

If so, you can use Good Faith Estimate, as a basis for comparison between this lender and others. If the costs are similar, you may decide to continue with this lender.

If you would prefer to contact me directly for a recommendation of direct lenders, I can be reached at (562) 862-8943 or via email at garciahanner@yahoo.com

Arlene Garcia Hanner, Broker
SoCalAgency.com
(562) 862-8943
1 vote Thank Flag Link Thu Apr 30, 2009
NO, this is not the way it goes. The $3,700 is a broker fee that is charged by the middle man. You should really see about going through a direct lender. Your agent should have your best interests at heart and should have taken you through a direct lender first. If you need help in Downey please let me know I know the area very well and am sure I can help.

Also if you would like you can send me the good faith estimate and I will let you know exactly what you are being charged.

Good Luck,
Dyanna
dyannaavila@hotmail.com
323.359.7992
1 vote Thank Flag Link Thu Apr 30, 2009
Hi Aquezada,

The downpayment is separate amount. If you are applying for FHA, the min. downpayment is 3.5% of the purchase price.

The breakdown of your payment will include:

Principal and Interest
Property Tax
Hazard Insurance
Mortgage Insurance
HOA - for condos and townhomes

The escrow fee is another fee which is not included in your mortgage payment. You may need to ask your agent to request your closing cost to be paid by the seller. Please note that not all fees/closing costs on buyer's side are allowable; there are other fees that the seller is not allowed to pay. Please discuss this with your agent so you can prepare on how much exactly you will need at closing.

Charita King
Century 21 My Real Estate Co.
562-276-8681
0 votes Thank Flag Link Thu Apr 30, 2009
Yep, that's how it goes. You should insist the seller pays for all closing costs including those mentioned. Good luck.
0 votes Thank Flag Link Thu Apr 30, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer