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What is average to pay mortgage broker
Posted on 1/7/21 at 11:50 am
Posted on 1/7/21 at 11:50 am
In process of doing a refi. The broker sent me something in documents noting I pay 2%. It specifically says paid by borrower. But when I look at the closing costs it says I am paying 5K. 2% of my principal will be 8K alone not to mention any other closing costs. So is there any way for the broker to hide money somewhere else or anything?
On another note I know everyone has to make money and I am good with paying my fair share. But from what I read online it says average is 1-2% depending on size of loan. So is 2% common on a 420K loan?
On another note I know everyone has to make money and I am good with paying my fair share. But from what I read online it says average is 1-2% depending on size of loan. So is 2% common on a 420K loan?
4
Posted on 1/7/21 at 12:01 pm to GravelLotinCanada
My mortgage broker (GA) charges a flat $475 fee per refi.
Posted on 1/7/21 at 12:02 pm to GravelLotinCanada
Back in the great refi boom of the early 2000's, 2% was low. Today, it's high. Shop around.
Posted on 1/7/21 at 12:19 pm to GravelLotinCanada
I don't believe so. Have a family member that works in mortgage with Red River Bank so we are using them for our cashout refi. They don't change an origination fee. Got a 2.75 on a 30 year.
Posted on 1/7/21 at 12:34 pm to GravelLotinCanada
My guess is that 2% is your estimated closing cost, not the cost of the loan. I would call your broker and ask him to explain the 2%.
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