There is no set fee in Texas that a lender can charge. Fees vary from lender to lender. I would recommend you contact at least 3 lenders and request for a Good Faith Estimate/Fee Sheet to compare. Besides looking at lender fees, I would also suggest you look at the interest rate and APR rate, as those vary from lender to lender too. If you need a few recommendations, I'll be happy to email you a list of lender referrals. Please feel free to contact me at your convenience. I look forward to hearing from you!
Ask your Realtor to refer a few brokers, and speak to them to decide who's right for you. If you haven't settled on a Realtor yet, ask friends and family for a referral. The rates and fees vary and are not going to be the same at any two offices, depending on the cost of the home, your credit, and the terms of the deal. Good luck!
Fees vary by lender and not by area. For example as a wholesale mortgage broker my fees and rate options are considerably less than a retail bank or mortgage banker. This is because they are retail and they pass along their expenses to the consumer.
As a broker I work for my clients at the wholesale level and I work with over 15 different lender so I can always get you the best rate and fee combination because I do not have all of the overhead and the rates I receive from lender are wholesale rates. This is why savvy people use brokers because we have many options to get loans done and can get them done faster and less expensively than a bank can.
As a mortgage broker we also have to go through much more extensive licensing than a retail banker has to go through which give us a greater understanding of the market allows us to better help our clients get the best options for them and their circumstances.
Generally speaking my rates will be at least a quarter point lower than a retail bank such as Bank of America or Chase. In fact, I have done the loans for the branch managers of Chase branches here in Texas as well as many Wells Fargo employees too. So that should give you an idea of what a broker can do for you.
Whatever you do speak with several lenders, bankers or brokers so you can understand and see for yourself what the best deal is for you and also to gain a level of trust with who you are working with. That is the best way to get a better knowledge of the process and know you made the right decision.
If you would like to have a more in-depth discussion about the fees involved and different financing options please feel free to give me a call or shoot me an email.
The fee varies so I would suggest that you talk to a couple lenders. Also just like others have said below, you want to work with a good lender who a is willing to guide and help you.
Susie Kay, RealtorÂ®
GRI, CHMS, SFR
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
Hi there JB, I will echo what you have already heard from the group. Fees can very greatly. The most important thing is working with someone who has an educators heart. In other words, they are willing to spend time with you, talk to you about the process and make sure there are never any surprises. You can shop around and find mortgages online that will be cheap, you can work with a broker, you can work with a variety of different methods or people to get your loan.
For me it is always about the relationship. You can contact me and I can give you a list of loan officers, brokers etc that I have worked with over the years, but I can save you some time and energy. got to http://www.katiesparkman.com. We have literally done hundreds of deals with her over the year. They weren't all always perfect because there are so many variables. But we never had an unhappy client. No surprises her ethics and communications are the best in my opinion. Be blessed!
I will second what was already said once. Fees can vary a great deal between lenders. That is why I always say start with a good Realtor first. I have worked with many different lenders good and not so good, so I can give you multiple options and assurance they will all be good. Our company goes to extremes to make sure we only refer the very best lenders.