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Equal Housing Lender
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Most fees loan officers have no control over. Federal law prohibits any kickbacks or profit sharing arrangements on title, appraisal, escrow, etc. - so these prices are the same even on the Do-It-Yourself Refinance program- and are hidden in a No-Cost, No-Point loan by raising the interest rate. Note that some loan companies
say "No Points"- but then charge a Broker Fee. It's the same.
I used to work for one of those companies. Call it what you like, but
it often came out more- they might charge a $3500 broker fee on a $170,000
loan- that's over 2 points - as in well over what
I charge. Most importantly:
Except $9 directly to Advantage Credit for a tri-merge credit report (which you'll get a copy of), and the appraisal fee directly to the appraiser. We do not charge any upfront fees ourselves, and you may optionally provide me a tri-merge credit report of your own. Should I pay points? Yes, if you're A. Getting a fixed-rate mortgage and B. Staying in your property more than 5 years and 4 months. If you're staying less than 5 years, don't get a 30-fixed; the rate is too high and you won't be there anyway. Furthermore, if you're staying less than 5 years, you should be more focused on the closing costs than the rate, perhaps getting... Do we magically get Uncle Sam to waive his $59 County Filing charge? Of course not! What we do is charge a higher rate on the loan, which makes it more valuable to banks. They LOVE customers who have 9% mortgages and never refinance- because they're making more money! By the way, if you have one of those, don't wait for the bank to call and ask for you to refinance...they hope you never do. In short, a loan at a higher rate is more valuable, therefore the bank buys the loan from us for enough money to cover the closing costs and us to make some money.
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