Good Faith Estimate Quote? My Broker gave me a GFE and I am being charged The 1% origination fee of 2,400

Asked by PA, Granada Hills, CA Wed Aug 12, 2009

for a 240,000 loan. (normal) However I am not sure about the rest: Lenders Fee: $1,100, Processing Fee:$795, Administration Fee: $495, And appraisal fee :$400 (average). My question is, are these prices a little high? They seem pretty high. especially the lenders fee. Have I gotten a rotten deal?

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April Tavares, , Saratoga, CA
Wed Aug 12, 2009

I think Rob is correct it is hard to judge without knowing details of your transaction. However, you are well within your right to ask. Ask for a detailed explanation of what the fees cover, especiallly for those fees that appear vague like "administrative" fees. Put them on notice that you're paying attention.

Good Luck with your home purchase,
April Tavares
Realtor, DRE License #01742179
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Rob Spinosa, Mortgage Broker Or Lender, Mill Valley, CA
Wed Aug 12, 2009

The fees do seem a little high, but I don't know the particulars of your transaction and so I can't say if this is a good deal for you or not --- nobody here can do that absent the details.

The real questions are, "Do you like the service you've been getting and do you trust your loan agent?" If the answers to either are "no," then cost really isn't the issue. You have larger matters to address and my advice would be to do so very soon.

Please let me know if I can help.

You know more than you think,

Rob Spinosa
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