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If anyone has some insight it would be appreciated. I am currently in contract and I am working with a mortgage broker for my loan. I will be paying 1 point Broker Fee as well as a $445 processing fee. The broker is also getting 1/2 point in YSP from the lender. I am currently floating the rate, but I could lock in at 4.875% right now. The loan amount is $315,000. The Broker will end up getting a toal of $5,170 in fees.
I haven't signed the Broker Fee Agreement yet and I was wondering how this looks and if it is a good deal. I am doing traditional financing (not FHA).
Thanks in advance for your help!
1.5% in compensation is not that out of line. Remember... most of that money goes to someone else... not the loan officer.
You WILL find someone to do it for 1% + no ysp if you shop enough. <= there is ALWAYS a cheaper deal. But if you are comfortable with the deal.... don't look back.