Mortgage Loans

[seemund]

Hello, I would like to get an opinion on these numbers... Are they normal/high/low?

$220K @ 3.75% - 30 years

 Item (A)  ..........................................................Amount
Origination Charge ........................................$7,275

-- Credit Charge (@ Loan, 30yr 3.75%).... $6,480
Adjusted Origination ......................................$795

Item (B) ......................................................... Amount
Appraisal Fee .............................................. $650
Credit Report ............................................... $40
Flood Certification .......................................$20
Mortgage Insurance Premium .................$3,715
Title Services ...............................................$1,445
Owners Title Insurance .............................$540
Government Recording Charge ............. $400

Total A+B Charges .................................... $8,902

[webhopper]

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seemund wrote:

Hello, I would like to get an opinion on these numbers... Are they normal/high/low?

$220K @ 3.75% - 30 years

 Item (A)  ..........................................................Amount
Origination Charge ........................................$7,275

-- Credit Charge (@ Loan, 30yr 3.75%).... $6,480
Adjusted Origination ......................................$795

Item (B) ......................................................... Amount
Appraisal Fee .............................................. $650
Credit Report ............................................... $40
Flood Certification .......................................$20
Mortgage Insurance Premium .................$3,715
Title Services ...............................................$1,445
Owners Title Insurance .............................$540
Government Recording Charge ............. $400

Total A+B Charges .................................... $8,902

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Your appraisal seems high, I paid 400 for mine... also, your origination charges seem high, in oklahoma, I paid like 3750 in discount points to get a rate of 3.875%... but also, these charges can vary by state and by lender... did you get a GFE from other lenders as well?

[seemund]

Thank for the reply. The appraisal cost is a little high because it's a 2-family house.

I was more concerned about the other fees, but it seems like they're "normal".

[birjest]

I am curious, what is the credit charge? Is that like the payments from the builder/bank?

[boomhower]

Origination charge seems sky high.  After the adjustment it's about right but at north of $7k for a 22k loan it seems really high. 

[FairCredBen]

for 200k mine is 2.5k......

[fperez]

Origination seems high.  Mine is 1700 for 145000

[seemund]

Could it be because it includes other items as well? (I don't have the GFE in front of me right now, will take a look at it tomorrow)

[tgregory662]

I'm purchasing a repo through USDA and my closing costs are right at $6,000 for a $69,500 home. I've paid out of pocket for a home inspection and appraisal too, so that's not including that. Plus the pest inspection is provided by the seller. I'm not too worried because the seller is paying a good bit of it, so what I am stuck paying for I just roll it into my loan.