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Started By
Message
mortgage origination fee
Posted on 1/8/19 at 9:45 am
Posted on 1/8/19 at 9:45 am
i am in the process of building a new home in the Raleigh area. The lender i used to start the building process sent over come preliminary numbers last night and had 1.38% loan origination fee added into the closing estimated fees. This will be the 4th home i have bought and i never remember paying origination fees. Is it because it is a new construction or this lender in particular? Should i ask for it to be removed?
the wife and i both have over 800 credit scores and are putting down approximately 35%
the wife and i both have over 800 credit scores and are putting down approximately 35%
This post was edited on 1/8/19 at 9:50 am
5
Posted on 1/8/19 at 9:55 am to bayou choupique
I think it depends on the lending agency. We used Red River Bank for our loan and they didn't charge us an origination fee. I am sure its something that could possibly be worked around.
Posted on 1/8/19 at 9:56 am to Drunken Crawfish
quote:
Red River Bank for our loan and they didn't charge us an origination
Me too. They have been fantastic.
Posted on 1/8/19 at 10:09 am to bayou choupique
Some banks charge an origination fee as a separate line item. Some banks have that cost built into their rate. They collect it one way or another.
Posted on 1/8/19 at 10:16 am to HYDRebs
quote:
They collect it one way or another.
Posted on 1/8/19 at 10:30 am to HailToTheChiz
its weird, i've never saw it called out like this before.
Posted on 1/8/19 at 10:47 am to HailToTheChiz
Agreed, I’d appreciate the transparency.
Posted on 1/8/19 at 10:54 am to bayou choupique
quote:
Should i ask for it to be removed?
Yes, I did and they did it. I was down to the last $1000 to avoid PMI. I saw that origination fee and asked them to waive it. At first they said no, it standard. I told them I have another bank willing to waive AND I was ready to redo all of the necessary paperwork not to pay it.
Many online banks/loan originators don't have it.
Posted on 1/8/19 at 11:32 am to bayou choupique
Mist charge 1%, it can be waived. I had my credit union wave it.
Posted on 1/8/19 at 5:44 pm to bayou choupique
On just the construction part of the loan it's usually at 1%. the end or permanent loan it varies. we charge a flat rate of $1338.
Posted on 1/8/19 at 8:44 pm to tigers1988
Origination is a fee that banks can waive easily. Mainly because they make money on your interest rate and the other junk fees their title company may charge...or just by servicing your loan over the life of the loan or selling it at a profit at some point in the future.
But just because they, “waive,” something doesn’t mean you are going to suddenly save money. They’re making it back somewhere. Whether you see it or not. Believe that.
But just because they, “waive,” something doesn’t mean you are going to suddenly save money. They’re making it back somewhere. Whether you see it or not. Believe that.
Posted on 1/9/19 at 6:25 am to GFunk
so i emailed the woman i am dealing with at the mortgage company. She said it was added to the closing cost estimates but it will be subtracted we we actually close. So i emailed her back and asked why was it put it there in the first place and i wanted removed. She claims it will be removed and they from this point on will not have it listed because most people catch it.
Posted on 1/9/19 at 9:30 am to bayou choupique
quote:
so i emailed the woman i am dealing with at the mortgage company. She said it was added to the closing cost estimates but it will be subtracted we we actually close. So i emailed her back and asked why was it put it there in the first place and i wanted removed. She claims it will be removed and they from this point on will not have it listed because most people catch it.
Make sure they send you new paperwork with this correction.
You do not want to show up on closing day to find that it's still there.
I've used Miller Lending in the Raleigh area several times with no issues if you need to find a new lender.
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