Your Partner in Mortgage Financing...
(570) 402-1086
"Junk" LOAN FEES
Mortgages First has lending conduits with the top lenders nationwide. Each of these lenders charge differently for the following services:
Underwriting
Document Preparation
Tax Service
Courier Service
Wire transfer Fee
Flood Certification
Processing
On average, across our entire lending base, our conforming (A credit) lenders charge $521-$795 for the services listed above, excluding the appraisal. In other words, the $795 is highest fee charged by our most competitive lender today. Use our closing cost calulator to get a preliminary idea of what to expect or to compare against other loans you may be considering. See: Good Faith Estimate.Fees are subject to change without notice. All lenders reserve the right to change their fee structure without prior notice, as a brokerage firm we have no control over why and when any lender changes their fees. We can note the pricing trend on lender fees is down due to advanced technology enhancements allowing lenders to significantly reduce the cost of funding loans.
It is important to note, that on any given day the lender with the lowest fees may not necessarily have the lowest rate. Some days it is the best of both worlds, some it is not!
Mortgages First Fees
We collect $99.00 outside of closing to cover application administrative costs. The fee is credited back to borrower at settlement. Many borrowers shop all over and have many lenders working on a single application. This practice increases administrative costs exponentially! So, shop before you apply. We certainly understand if decide not to use our services and we wish you well and look forward to being of help to you in the future.
For those of you applying, the application fee can be paid online from our homepage. Look for the "PayPal" icon and follow the instructions for payment. Thank you.
Our lenders may also rebate us in part or in Toto the expense associated with processing your loan.
Appraisal Services
All loan transactions require a current property appraisal. Mortgages First does not collect the cost of the appraisal from you. Rather, we make the arrangements for an appraisal company in your area to contact you and schedule with you a date and time for the appraisal. At the appointment you pay the appraiser directly (door collect) for their services. We will on request from you, allow you to pay the appraisal expense through us. It is not our preferred method but it is an option available to you.
Appraisal costs range from $125-$375 for single family residential property appraisals and may vary from one locale to the next. Commercial loan property appraisals are significantly more costly as are multifamily property appraisals.
Mortgages First is committed to recommending only those third party vendors which consistently offer the highest quality of service at a cost that keeps them in business!
SUMMARY
Lender fees, Mortgages First Fees and Appraisal Fees are often referred to as "junk fees". Junk fees are a necessary expense to complete a mortgage transaction. The lender fees will be paid at closing, Mortgage First and appraisal fees are paid outside of closing (POC).
Mortgages First is committed to bringing you the best of both worlds, the lowest rates and the lowest fees whenever possible!
Mortgage interest rates and fees are subject to change without notice based on prevailing market conditions. If Wall Street conditions fluctuate up or down dramatically expect to see price changes over the course of the day. Consistently check the financial markets throughout the course of the day to anticipate upward or downward movements in mortgage loan rates and costs!
We can assist you...
Home Loans in the Market
RESIDENTIAL LOAN PROGRAMS
COMMERCIAL LOAN PROGRAMS
________________
________________
Resources/Add URL
Nationwide Lending mortage 1009 Staghorn Lane, Stroudsburg, PA 18360
1-570-402-1086 Fax: 1-570-992-8853 8 am to 6 pm ESTCopyright 1998- 2007 Mortgages First Associates. All rights reserved.
