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Established Member
Posts: 69
Registered: ‎02-02-2012
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So confused! Being charged points for our rate?

we have a rate of 3.75 and am reading over the loan docs after signing them and it says "Our origination charge
This charge is for getting this loan for you. $3,409.49" we are very happy with our rate but we have posted before about our closing costs being high so is this a normal charge? Should we of shopped around? If we are already getting a great rate why shop around? Could it save us fees>?

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: So confused! Being charged points for our rate?

You can ask them to quote you a cheaper rate. What are your scores?

You should definitely get at least one more quote. Some lenders like to pad the GFE with fees

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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: So confused! Being charged points for our rate?

How much is the house you are buying? Origination charges are sometimes a percentage of purchase price

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
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Re: So confused! Being charged points for our rate?

Is this a convertional loan

 

My Ficos are in the upper 600s and I was looking at a 4 percent rate with no points if I went conventional.

 

Ended up going FHA with a negative point and got 3.5.

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