Posts Tagged ‘commitment fee

Are these mortgage terms normal?

Sunday, February 14th, 2010

My GF and I have gotten a commitment letter on a 30 yr FHA fixed rate loan for 400K.

I reckon the fees/points seem high.

Commitment Fee – 1.0 point = $3,949.00
Discount Points – 1.5 points = $6,041.97
Underwriting Fee = $575.00

We both have low fica scores. 590-630

This is not a solicitation for anyone to get us a mortgage, all we are looking for is mortgage professional to give us an opinion on the fees.

Thanks

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Closing costs estimate between 2 lenders. HELP!?

Wednesday, June 10th, 2009

Lender one: Mortgage type:30 Year Fixed-FHA-3% down
Origination fee: 1 point=1464.70
Appraisal fee=5
Credit report=
Commitment Fee=0
Flood Cert=
Title Insurance=00
Title Search=0
Recording Fees=
Survey=130
Termite=5
3 months worth of taxes=617
FHA Premium=1.5% of loan=97
* We can use our own appriaser if we like.

Which one is better?
lender Two Mortgage type-30 year fixed FHA 3% down
application fee-0
appraisal-5
credit report-
flood cert-
recording-
survey-0
No Points
title insurance-,000
Title search 0
Termites-Not mandatory
FHA MIP-1.5% of loan 64.70
Taxes-5 months worth=,030
FHA Premium for lender#2 is 97, not 64 (same as lender one)

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