Title abstract fee -$175.00 , Title examination fee - $895.00, Title-Lender Title insurance $450.00. The company they "suggest", is Powerhouse Title Group. I still haven't signed anything. Origination charges are 1.701% of loan amount $3963. Underwriting fee $495 .Recording fees are $127 . One section named F says Prepaids. Prepaid Interest (17.55 per day for 25 days @2.75%) property taxes ( months) $439 . SECTION G. INITIAL ESCROW PAYMENT AT CLOSING. Homeowners insurance $34.25 per month for 4 months $137, Property taxes $266 per month for 4 months $1064 , aggregate Escrow Adjustment $1098.68 per month for 0 month $1099. TOTAL closing costs $7,795. Loan amount 233,000, Total closing costs -$7,795. Estimated total payoffs and payments -$223,367. Estimated cash to close to borrower $1,838. Estimated closing costs financed (Paid from your loan amount) $7,795. I've never shopped for these charges and I wish I knew how no to have to pay some. If I already have homeowners' insurance, can't I use that one? THANKS FOR ALL REPLIES!!!
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Can these refi service charges be beat?
- Thread starter daves66nova
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The only thing you can really work is the origination charge and the underwriting fee. Are you getting a really low rate? That may account for the high origination charge. Mostly you want to get a rate at par so there's no origination charge. Then you can compare one loan to another. You can also shop around for another title company. I think the $895 and the title insurance is part of the title company take. The title abstract probably doesn't vary much. Those escrows are nothing to worry about, they're just escrowing for future payments, if it's too much, you'll eventually get it back, if it's too low, they're going to make you pay more.
Short answer, no.
Long answer is like the conditions of the mortgage and closing documents. You can take them all to a lawyer and pay them to read and critique but good luck getting the title/closing company to change anything, it's all copy and paste boilerplate. It's either sign as is or don't and if you don't then no loan and no mortgage on the new house or refi for you.
Long answer is like the conditions of the mortgage and closing documents. You can take them all to a lawyer and pay them to read and critique but good luck getting the title/closing company to change anything, it's all copy and paste boilerplate. It's either sign as is or don't and if you don't then no loan and no mortgage on the new house or refi for you.
daves66nova
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I've tried loading pics of statement but nothing.
What's the APR of the loan? I don't think you should bother, just pay the extra $100 a month. Get a quote for a no points, no closing cost and see what the rate is. If it's better than 3.25, then do it. Right now the rate on a 30 year is about 3.25 without points so you're just wasting money on the refi.
daves66nova
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Going from 3.25% to 2.75% . This reduction in payment will really help me. Single income,wife, 2 kids .
You can not eliminate some charges , but $6000 in points and fees is dumb.
Find a real bank or credit union and you should be able to cut the fees to $1000 or less.
Shop shop shop .
Points are NEVER a good idea. Why give up money now at today's value to save later.
Even if the loan payment amount is less.
The math does not work.
get a loan with no penalty for early payments.
Use that point money to pay the mortgage off early , you will save much more over time.
Find a real bank or credit union and you should be able to cut the fees to $1000 or less.
Shop shop shop .
Points are NEVER a good idea. Why give up money now at today's value to save later.
Even if the loan payment amount is less.
The math does not work.
get a loan with no penalty for early payments.
Use that point money to pay the mortgage off early , you will save much more over time.
Originally Posted By: daves66nova
Going from 3.25% to 2.75% . This reduction in payment will really help me. Single income,wife, 2 kids .
Real estate broker here. You still didn't mention what the APR was. Basically the origination charge is the same as buying down the mortgage. Without that origination charge, the rate is probably 3.25% or higher. Also you've made 3 years of payments, when you refi into another 30 year, even at the same rate, the payment will be lower because the principle will be lower and you've just added another 3 years worth of mortgage payments. Believe me, you don't want to do this loan. This is like doing a payday loan, it's not really helping as much as you think. Find some other place to cut your expenses.
Going from 3.25% to 2.75% . This reduction in payment will really help me. Single income,wife, 2 kids .
Real estate broker here. You still didn't mention what the APR was. Basically the origination charge is the same as buying down the mortgage. Without that origination charge, the rate is probably 3.25% or higher. Also you've made 3 years of payments, when you refi into another 30 year, even at the same rate, the payment will be lower because the principle will be lower and you've just added another 3 years worth of mortgage payments. Believe me, you don't want to do this loan. This is like doing a payday loan, it's not really helping as much as you think. Find some other place to cut your expenses.
Refinancing for such a small reduction in the rate at the cost of $8,000 in fees doesn't seem smart. Help us out with some more data.
Original purchase price
Balance owed on mortgage
Currently monthly payment
New monthly payment
Original purchase price
Balance owed on mortgage
Currently monthly payment
New monthly payment
daves66nova
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Originally Posted By: chad8
You can not eliminate some charges , but $6000 in points and fees is dumb.
Find a real bank or credit union and you should be able to cut the fees to $1000 or less.
Shop shop shop .
get a loan with no penalty for early payments.
Use that point money to pay the mortgage off early , you will save much more over time.
this is a V.A loan. I was told that the apr is paid down with some of this money, which will be 2.75%. I haven't seen any other place that would give me that APR.
You can not eliminate some charges , but $6000 in points and fees is dumb.
Find a real bank or credit union and you should be able to cut the fees to $1000 or less.
Shop shop shop .
get a loan with no penalty for early payments.
Use that point money to pay the mortgage off early , you will save much more over time.
this is a V.A loan. I was told that the apr is paid down with some of this money, which will be 2.75%. I haven't seen any other place that would give me that APR.
daves66nova
Thread starter
Originally Posted By: Bandito440
Refinancing for such a small reduction in the rate at the cost of $8,000 in fees doesn't seem smart. Help us out with some more data.
Original purchase price
Balance owed on mortgage
Currently monthly payment
New monthly payment
Original price $243,000 ,Balance owed is $223,000, Current monthly loan payment only; 1056.00,new monthly ,like 951.20. The more that I look at it and talk it over with people, the more likely I'm going to turn it down now.
Refinancing for such a small reduction in the rate at the cost of $8,000 in fees doesn't seem smart. Help us out with some more data.
Original purchase price
Balance owed on mortgage
Currently monthly payment
New monthly payment
Original price $243,000 ,Balance owed is $223,000, Current monthly loan payment only; 1056.00,new monthly ,like 951.20. The more that I look at it and talk it over with people, the more likely I'm going to turn it down now.
I don't think it's worth it for the extra $100/mo. Find something else to cut back on if your budget needs adjustment.
My wife is a closer and she does this for a living
50% of those fees are bogus,without question you are being robbed
50% of those fees are bogus,without question you are being robbed
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