Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Its ILLEGAL for lenders to give Realtors "kickbacks".
So when I recommend one of my lenders, its simply because I KNOW they'll give great service and great rates to MY CLIENTS.
I always like it when one of my clients has a previous lender and wants to use that lender again. Its great to find other lenders that I can add to my list.
Just know that when your agent recommends someone, its not because we get anything out of it...its simply to get the best for our clients.
Good luck newuser. Like I said...had 2 clients and had huge problems both times.
At least with the lenders in town, you can go to their office and just sit until the issues are resolved.
With the internet lenders being in some other state, what recourse do you have?
Vicki
I hear what you're saying Vicki, but I'm a cheap bastard.
The way I look at it is like this. . . . . . am I willing to spend the 1% origination fee (on my loan that will be $2500) and another say $20/month ($7200 over the life of the loan) for the higher interest rate just so that *IF* there is a problem I can sit in the mortgage company's office while they fix it?
That's a $10,000.00 insurance policy that I'm going to pass on.
I understand what you are saying...can't believe the moderators allowed that "B" word!!!
However, the 1% origination fee is what the lender usually gets for his fees. So if you are not paying that...where is his fee coming from? You can't tell me he is working for free!!! Yield spread? I'm really curious to know how that works. Any lenders here today?
I was wondering that as well. All the lenders we looked with have the loan origination fee (1% of the price of the hom)....I saw someone else call it a "junk fee". Is it possible to get a loan without it?
I was wondering that as well. All the lenders we looked with have the loan origination fee (1% of the price of the hom)....I saw someone else call it a "junk fee". Is it possible to get a loan without it?
Yes. My lender charges a flat rate of $990 for a loan. I know a lot of you out there are saying "Yeah, but you get what you pay for." and that may be the case. We'll see how it goes once we actually apply for the loan. Right now all I have is a "truth in lending" statement and a pre-approval.
Yes. My lender charges a flat rate of $990 for a loan. I know a lot of you out there are saying "Yeah, but you get what you pay for." and that may be the case. We'll see how it goes once we actually apply for the loan. Right now all I have is a "truth in lending" statement and a pre-approval.
Usually what I find is that if the origination fee is below 1%, the lender is either hitting you with junk fees (extra processing fee, managment fee, etc.) or he is giving you a higher rate and getting paid by the yield spread.
I just don't see how you can get no orig. AND low rate.
This is the major driver for builders to give incentives to Buyers to use their professionals. They know they will perform to keep getting the business.
From what I've seen you can forgoe the origination fee for a .125 percent higher rate through local lenders in Raleigh
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Mortgage-origination fee
