BeeBee asked:
I recently got a postcard from a local mortgage lender / broker who listed some really great loans programs from FHA. ( My first home loan was an FHA and it worked well for me. )
I recently got a postcard from a local mortgage lender / broker who listed some really great loans programs from FHA. ( My first home loan was an FHA and it worked well for me. )
My home mortgage is for a total of 263K. I have a first and a 15 yr second mortage ( that total was them combined)
I contacted the lender on the above post card and got a quote for both mortgages combined at 6% 30 year bringing my mortgage up a bit from where it was.
I looked at the fine details and the loan docs reflected a higher loan than I needed. Approximately 15K ! I asked about the loan being more than I needed and the mortgage broker did a song and dance telling me the 15K is fees. I have refinanced my home 5 times. I have never seen fees like this!
That was NOT including an escrow account for taxes….
ROOSEVELT
ABEL
ask to have the fees broken down.
My mortgage includes my escrow account-which includes all my taxes, home owners insurance, etc.
Comment by RdRedWine — October 2, 2008 @ 8:29 am
GERARDO
i wouldnt deal with anything from a postcard with those fees.
you refinance to save money, not to spend more.
Comment by Daniel — October 3, 2008 @ 9:34 pm
KRIS
Wow, that’s alot. You can do better.
Comment by godged — October 5, 2008 @ 3:21 am
FABIAN
The good thing now is that people are reading the small print
Comment by Silly World rmx — October 5, 2008 @ 9:36 pm
TREVOR
do not proceed any further!!!
Everyone gets those kinds of postcards, letteres in the mail, phone calls that has a mortgage,
I remember i did when i had a home loan before i sold it
I can’t stand mortgage brokers, when i buy a house again i am going through a bank i ma not dealing with these useless mortgage companies.
the fees are NEVER as high as 15,000 the most it shoudl be is maybe 5,000 including the origination fee, and all other fees.
Back away.
Comment by the d — October 6, 2008 @ 5:07 pm
CYRIL
Yikes! How are those fees justified? You must have seen a Good Faith Estimate along the way, did it match? Were all the fees itemized? Something doesn’t sound right. If you want another pair of eyes to review your docs, give me an email. I will have you fax them to me for a look.
ww.ahdevito.com
Comment by Tony D — October 8, 2008 @ 12:39 am
JEFFREY
You can sometimes find loans with no fees. Try Bank of America or Lending Tree. $15k is ridiculous. Never refinance for more!
Comment by Geaux LSU Tigers!!! — October 9, 2008 @ 5:18 am
JOEL
Yes it is a scam do not use them. Second you said you have refinanced your home 5 times already!! That sounds like a big waste to me. Look at the money you spend each time you refinance and it adds up very quickly, just the banks way of making money. If you can’t afford the MTG I suggest you sell and get a smaller more affordable house and try to live within your means otherwise it will be a very messy financial future for you.
Comment by foolsewing1 — October 10, 2008 @ 10:12 am
DANNY
They sent you a teaser advertisement. The important thing is that when you contacted them, it sounds like they disclosed all facts relevant to your specific deal. Many companies do NOT do that.
You should shop around of course.
Good luck!
Christine Bell, CRMS
Senior Loan Officer
P: 866.577.PENN | F: 610.819.1258 |
Comment by christine b — October 13, 2008 @ 5:20 pm