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BigDK9298 | Have 800+ credit score, did a 30 yr, 20% down, no pts home loan, 0.802% loan orig. fee. Did I get a raw deal? |
I didn't get a lower interest rate as I understand it for having the loan origination fee. Interest rate was 6.25% locked in on 5/23/07. I was later told by my realtor that with my income (over half the cost of the home), my credit score, and 20% down should have never had to pay a loan origination fee, or at least not one as high as mine, unless I got a lower interest rate than I otherwise would have, which wasn't the case. Did I get a raw deal? |
 |
 
Gregorio
 |
No!
On 5/23/2007 6.25 is a good rate and you didn't even pay a point. The first rule is to stop listening to your Realtor, he knows nothing about how rates change daily and what kind of market we are in.
Also, if you did use a loan officer to acquire your loan they saved you time and inconvenience. you got a great rate and never had to leave your couch. Your credit was run once rather than having to shop yourself and ruin your score. Nothing is free in this world. .8% is nothing to pay in fees
Bottom line is that the people that say they will do loans for "no points" are likely charging you on the back end and not telling you. Don't be fooled.
If you feel you got screwed, then next time you can drive around to different lenders having them run your credit multiple times and shop for the lowest rate on your own. (Not trying to sound snotty)
By the way, you paid .8% for your loan but I bet you paid 6% to the Realtor that is giving you this wonderful advice. Maybe you should question that commission.
EDIT:
Sorry to correct you Jim, but below you say that the seller pays the Realtor's commission not the buyer. Well, that's a bit of a misnomer, as everyone knows that in a real accounting sense, the buyer ultimately pays it. The commission is "included" in the sale price of the property and the buyer is the one paying that. It's Real estate principles 101 and on any state exam! It's the whole idea of buying a house from a FSBO, one would expect a discount because the "seller" does not have to pay a Realtor's commission, thus the BUYER pays less.
When you buy a car, the dealer pays the salesperson with the proceeds from the sale, but ultimately YOU pay the commission when you write a check or arrange financing. |
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funny2man
 |
you didn't get a bad deal at all. the problem is your realtor doesn't follow mortgage rates on a daily basis, they know that maybe last fall somebody with your credit and position could have gotten something close to 5.75. however that doesn't exist in todays market and on today's rates you would be a little bit higher than the 6.25! nice job and congratulations on the new home purchase.
When rates fall down, keep me in mind I would love to help you out at that point in time. |
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Brian G
 |
The interest rate alone sounds pretty crummy based on your credit score and income. |
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InspectorBudget
|
I think you got a reasonable deal. Mortgage rates change daily, and what was standard a few weeks or months ago is no longer around when you come around to actually doing it.
A loan origination fee of 0.8% is not altogether bad. I have seen far, far, worse.
BTW, with your 20% down, you do NOT have to buy PMI ( or Private Mortgage Insurance ). Make sure you are not paying for this - it helps only the lender, not the borrower. |
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shoegodess
 |
Raw is right. Always shop around when making major purchases. Good luck ! |
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Rob B, of MD
|
Not necessarily a raw deal. Payment of points buys down the interest rate, not the payment of a loan origination fee. Unfortunately, the loan origination fee is either because 1) you utilized the services of a broker who arranged the loan through another lender, or 2) you "just didn't know" that this was negotiable. The origination fee is for just that . . . originating the loan; i.e., causing the loan to happen.
With your numbers, I'd contact the loan officer and ask for a reimbursement of this amount, if they wish for any referrals from you - and, since most people have friends who are similarly situated, they should want your referrals.
Good luck! |
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samp6888
|
Greg said everything right do not listen to your realtor about loans he sells house. I handle both aspects of the business
so I know what happens in the market place everyday
Do you know that rates went up the past 12days.
straight! Because rates have went up and banks are taking a beating from fore closers. If you score is over 720 you get the same pricing as you would with a 800 score!
The origination is part of closing cost. |
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RTR!!
|
no, you got a great deal. tell the Realtor to give back some the 6% they made off you. That is who you should be mad at, they just show houses and nothing else. |
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Axl Is Back
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I'm afraid you did not mention the loan amount, if that was above 417000, you have got a great deal believe me.
If the loan amount is below that ,, then i would not say it was not the best deal...but not a bad one either. Probabilities are that the loan officer have made a total 2 points from your (including your .8 point). From that he has paid for title, escrow and underwriting. Which is minimum $1200-$1500.
You can now easily calculate how much you have paid whom ,,
Its for u to decide now ..how the deal was.
For your information , i am myself a senior loan officer working in Mountain View ,California |
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TKW
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Do you mean an 8% origination fee? |
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jim r
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You received a fair deal, industry standard for origination fee is 2% at par pricing if you want to pay more, you sacrifice the rate, and 6.25% on that particular day was a good rate. The realtor may have been confused sometimes mortgage broker fees are disclosed different ways, and the realtor may have thought the lender charged you that. How much deffered premium or yield spread premium was the broker paid ? That should be disclosed if any on your HUD. And for the record, the realtor, did not charge you as the buyer, their fees came out of the seller's proceeds. |
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