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| Are You Being Charged These "Fees" On Your Mortgage Loan? |
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Many mortgage brokers add in fees to your mortgage loan that aren't completely
necessary to process your loan. Sometimes, either the fee itself is not
necessary or it can be too inflated. If you are educated about your mortgage
loans and the fees involved, you may be able to negotiate for lower
fees.
Here are some sample mortgage fees that you might find to be over
inflated:
Processing fee - Not only does the mortgage broker receive a
fee from the lender, but the borrower is also charged a fee for ?processing? the
loan. This fee usually cannot be avoided, but beware of brokers who charge more
than $1000.00, as this is considered very excessive.
Real estate agent?s
administrative fee - Many real estate agencies have started charging a fee,
around $200, to both buyer and seller. This is in addition to any real estate
commission earned by the agents. Talk to your agent and see if you can have this
fee removed.
Mortgage Origination Fee - The origination fee is basically
what the broker charges for doing the loan, normally between 1-2% of the loan
amount. This is a common fee for a broker?s services, but unless you have a very
complicated loan, paying 2% is too high.
These fees are approximate and
based on the information available at the time this article was written. Talk to
your broker about negotiating lower fees if you feel you are being overcharged
for anything. You might be surprised how willing to work with you a mortgage
broker can be if you are educated about your mortgage loan. It is also a good
idea to compare different brokers and lenders. Ask for quotes from several
different brokers and lenders. This will give you more leverage to negotiate
lower fees.
Disclaimer: These recommendations are not personal financial
advice. Contact your own financial consultant before acting on any information
here.
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