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Pine Brook : Real Estate Advice

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  • Home Buying4
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Activity 2
Sat Jun 11, 2011
Gina Chirico answered:
Lori,

How do you find them on Trulia or in general? You can find them on Trulia by selecting foreclosures from the search menu on the left hand side of the results. You can find foreclosures in your area by working with a local realtor who has access to the foreclosure listings that are on the market. I show about 15 listings requiring lender approval in Montville and only one has lender owned.

Let me know if you require any additional information.

Gina Chirico, Sales Associate
Lattimer Realty
973-575-6353 ext 17 office
973-715-1158 cell
Gina@GinaChiricoRealEstate.com
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Tue May 12, 2009
Micki O'Toole answered:
Hi Nj,
While I know some loan originators may charge an application fee that is non-refundable, I've never heard of anyone charging a 1% origination fee to lock a rate. Did you pay this up front or is it part of your loans closing costs? Perhaps the originator meant that in order to get you the lowest rate possible, you would be paying a 1% origination fee. This is pretty common in that originators get paid by charging origination points, through rebates paid by the lender or a combination of both. (I used to be in lending). There is never a fee to lock a rate. I suspect that it may not have been presented correctly to you and that the 1% origination fee is just that; the fee to originate the loan with you getting locked into the best rate possible- you would not get this back.

Hope this helps,
Micki
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