When being quoted a rate and closing costs for your mortgage loan, do you ask for these numbers in writing? If you do, and I hope most of you are doing this, you will get a copy of the Good Faith Estimate (GFE).
As an example, a Wisconsin mortgage loan will have the following fees regardless of what company you choose to work with:
- Appraisal Fee – $275
- Credit Report Fee – $11 (this one can vary a few dollars)
- Underwriting Fee – $699
- Total Title Fees – $525
- Recording Fee – $75 (this one car vary a few dollars)
**Please keep in mind all these fees could vary with a different company, since all mortgage companies use different third party services.
If these specific fees are any higher than what you have been quoted, you need to get another opinion. Perhaps I could help, since those fees are what I can normally offer.
But you are reading this to find junk fees when being quoted closing costs. Well, here they are in no particular order…
1. Broker Fee
2. Application Fee
3. Administration Fee
That’s it folks! These fees should not be in your quote or in your final paperwork. How come? They are extra fees a company tries to charge for no particular reason to try and make extra money off of you. You may find an origination fee and processing fee when necessary, but these other fees are NOT necessary.
If you feel you are being charged junk fees with your mortgage financing, feel free to ask me about what should and shouldn’t be charged. While you are at it, let me give you a second opinion!
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