So which fees are legit and which are not? TIA | TigerDroppings.com

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baylee252
LSU Fan
Huntington
Member since Sep 2009
96 posts

So which fees are legit and which are not? TIA


FHA loan. I know, I know! Contract without these fees is 174900$

Origination about 1%
Loan discount fee about 1%
Processing fee 500$
Underwriting fee 650$
Attorney Fee 150$
Tax return verification fee 25$
Appraisal fee 750$
Credit report fee 50$
Flood cert fee 17$
Upfront Mortgage Insurance 3313$
Closing/escrow 475$
Lender's policy of title insurance 1091$
Endorsements 330$







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baylee252
LSU Fan
Huntington
Member since Sep 2009
96 posts

re: So which fees are legit and which are not? TIA


also...finance rate is 3.75% jumps to 4.823 once all fees and "extras" are added. Is that legit?



edited to include...Texas hill country...40 miles from any "big town"



This post was edited on 11/29 at 11:47 am


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HeadyMurphey
LSU Fan
Los Santos
Member since Jan 2008
15762 posts

re: So which fees are legit and which are not? TIA


Being that a credit report costs about $2 I would say that is a little excessive.





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Janky
LSU Fan
Team Primo
Member since Jun 2011
7293 posts

re: So which fees are legit and which are not? TIA


that seems like a high appraisal fee. I think mine was $300-$400.





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wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
7592 posts

re: So which fees are legit and which are not? TIA


This info is a bit dated (2010) but its a good guideline to work with...

LINK






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lsu tigerdog
LSU Fan
Baton Rouge
Member since Nov 2007
123 posts

re: So which fees are legit and which are not? TIA


todays fha rate is at 3.25% and the lender gives you a credit towards closing in LA.,
no need to pay for origination, discount, processing,credit report and appraisals in LA are $450 max, title fee are all within a $150 difference.
on an fha loan, you have to have upfront mtg insurance,no way around that plus underwriting fee from lender is standard.
flood fee is standard across the board.
at closing closing you can opt out of owners title insurance but must have basic lenders title insurance.
call if you have any questions, 225-291-7901 x 224






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LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
10223 posts

re: So which fees are legit and which are not? TIA


Dude, you have to fix your $ signs.





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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22497 posts

re: So which fees are legit and which are not? TIA


Well, the origination fee is virtually non existent with the discount, so I guess there isn't much need to bitch about the processing fee and underwriting fee. But I would bitch about both of those if I had an origination fee also. The appraisal seems steep, but it may be in line depending on your property type. Credit report fee's are usually like $15 bucks. Attorney fee and closing/escrow are not excessive. I can't really comment on the endorsements without knowing your property specifics, but that would be a lender's ins. requirement.





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CajunTigerBabe
LSU Fan
Lafayette
Member since Sep 2012
206 posts

re: So which fees are legit and which are not? TIA


Unless they did credit repair on you the credit report fee is excessive. Appraisal shouldn't be more than $450. Why are you paying a discount fee. You shouldn't be buying down a rate with current interest rates. 1% orig is standard but you can get out of it if you ask. So, you are paying too much. Are they giving you any lender credits?





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CajunTigerBabe
LSU Fan
Lafayette
Member since Sep 2012
206 posts

re: So which fees are legit and which are not? TIA


BTW, I am licensed to do loans in Texas too. Let me know if you want to talk. I can get you closed in about 20 days.





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LSUSUPERSTAR
USA Fan
Arlington, TX
Member since Jan 2005
9485 posts

re: So which fees are legit and which are not? TIA


First, the $ should be in front of the amount. If you have at least 5% to put down, get a conventional loan. The interest rate is higher, but the PMI rate is less.





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baylee252
LSU Fan
Huntington
Member since Sep 2009
96 posts

re: So which fees are legit and which are not? TIA


CajunTigerBabe send contact info to To mitzelplick252@hotmail.com





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