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re: Why I am glad I had a mortgage broker.
Posted on 6/21/13 at 12:01 pm to kennypowers816
Posted on 6/21/13 at 12:01 pm to kennypowers816
quote:
What is the "extra money" aka fee you're being charged? Flat? Percentage of sale price?
The fees worksheet says 1.5% of the sale price, but he is actually charging 1.425% of the sale price. Like I said, it was all made up for the second he had the foresight to grab the rate.
Edit: MikeBRLA's comment had me go back and realize it is 1.5% of the loan, which equates to 1.425% of the sales price using 5% down.
And to those above talking about luck and bets, it was a bet on the direction of the rates. However, he knew to make the lock that second before Bernanke spoke to make those rates the worst I would end up with and to explain to me that if they did go down how he would be able to capture those lower rates.
This post was edited on 6/23/13 at 9:53 pm
2
Posted on 6/21/13 at 1:24 pm to nolatiger711
i was a broker for many years i know work for a bank. You had a good broker from what you have posted. But to drop a little knowledge on you..banks have better rates or the same as brokers and do not charge discount point or origination and the lender fees for banks are half of what they are for brokers..also every time UNCLE BEN opens his mouth rates go up!
Posted on 6/23/13 at 4:47 pm to nolatiger711
quote:
The fees worksheet says 1.5% of the sale price, but he is actually charging 1.425% of the sale price.
His fee should be based off of loan amount, not sales price.
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