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I need a lender

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Anonymous
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I need a lender

does anyone have any advice on a good lender?  I have been pre approved by three lenders but it seems there are all kinds of crazy fees.  Where can I get the best deal on a mortgage?  I have a score of 760 and want to put down as little as possible as far as closing costs.  Help!  I would appreciate any help.

Message 1 of 5
4 REPLIES 4
ShanetheMortgageMan
Super Contributor

Re: I need a lender

What do you mean by "there are all kinds of crazy fees"?  Do you go over what the costs will be before you provide the information needed to be pre-approved?

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 5
Anonymous
Not applicable

Re: I need a lender

I was told that origination fees can be removed but neither is willing to do so.  I dont have the paperwork in front of me but each of three lenders have given me "quotes" that vary from each other in the  thousands.  The down payment is always the same and the rate fluctuates between 4.137 and 4.25 but the other charges are different.

Message 3 of 5
Anonymous
Not applicable

Re: I need a lender

A breakdown of the fees would be helpful, but a couple points.

 

You will never find the lowest rate and lowest fees at the same place.  Th lowest rate is often done with points paid upfront or the lender gives a lower rate because they charge higher processing fees. 

 

Typically closing costs run in th 5-7% range.  IT can be a little higher or a little lower.  IT depends on many factors such as:

 

local fees and charges

any point being paid

different legal processes in different areas

escrowed items (do they need to be prepaid for a year or just initiated)

Date of closing (close early in the month and you will have m=longer before your first payment is due but will have more prepaid interest, close towards the end of the month and prepaids will be lower but first payment will come sooner)

 

And many other things.  

Message 4 of 5
Anonymous
Not applicable

Re: I need a lender

The origination fee "can" be waived, but they are not going to generally.  The fees generally are not really negotiable.  You can play one another off each other sometimes to get some breaks here and there, but they are not going to do the loan for free...  The differences may just be in the amounts of prepaids (interest, insurance, any HOA fees, etc) that were factored in as well as differences in the origination fee.  Again, the lowest origination fee is generally not going to be the lowest rate.

Message 5 of 5
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