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Valued Member
jpalacios161
Posts: 31
Registered: ‎03-30-2008
0

lender fees/good faith estimate

These are the fees listed on good faith estimate. Is this like this for everyone? Also do they roll these into the loan? Ours shows to be rolled into it.
 
loan origination fee $892.40
appraisal fee $450
processing fee 4550
underwriting fee  $950
 closing or escrow fee $200
document prep fee $175
title insurance  $175
carrier fee $45
 
survey $486
but yet they ask for $450 check for the appraisal up front.
Valued Contributor
slyhouse08
Posts: 2,340
Registered: ‎04-08-2008
0

Re: lender fees/good faith estimate

I was told all closing cost and fees will be rolled in...except the appraisal fee...that is $400 needed up front at the time of the application...but all situations are different...some sellers pay some...most...or all closing costs...
Valued Member
jpalacios161
Posts: 31
Registered: ‎03-30-2008
0

Re: lender fees/good faith estimate

So the fees listed above are fees everyone usually pays. Just seems like alot of junk to me.
Frequent Contributor
caliborne
Posts: 263
Registered: ‎03-27-2008
0

Re: lender fees/good faith estimate

The only fee I paid up front was appraisal it was listed on my GFE but listed as paid at closing


I don't think we had all those fees, but many of them look familiar and there was some others. (We used a VA Loan though)
FICO 6/2/08 , EX 754, 5/2 TU 720 EQ 722
Valued Contributor
slyhouse08
Posts: 2,340
Registered: ‎04-08-2008
0

Re: lender fees/good faith estimate

When I got a GFE from BoA last year...when I was getting a loan from them...they were rolling in $6000 for closing cost...seemed like a lot to me...but I didn't have to put "NOTHING" down...but the deal ending up falling through..but I'm working with them again right now...and they said again..they would roll in closing cost to the total loan amount...
Super Contributor
DallasLoanGuy
Posts: 6,346
Registered: ‎07-03-2007
0

Re: lender fees/good faith estimate



jpalacios161 wrote:
These are the fees listed on good faith estimate. Is this like this for everyone? Also do they roll these into the loan? Ours shows to be rolled into it.
 
loan origination fee $892.40
appraisal fee $450
processing fee 4550
underwriting fee  $950
 closing or escrow fee $200
document prep fee $175
title insurance  $175
carrier fee $45
 
survey $486
but yet they ask for $450 check for the appraisal up front.


origination = lender/loan officer profit
appraisal = paid to a 3rd party
processing = processors are paid employees. this $450 fee is in line
underwriting = again, paid people to underwrite the loan. this is a little high, but there are a couple of fees not on here(flood cert, tax cert, lender doc prep/attorney) so it may be in line
closing/escrow = pays the agent in the title office or attorney's office to close your loan
doc prep = since it is among the title fees, this is a 3rd party fee
title insurance = this is the lender's policy. the buyer's policy is more and paid by seller in most cases
courier = not supposed to charge this unless thy incur the cost



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