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11-25-2012 10:53 PM
I am in the process of refinancing with Wells Fargo.
I ask about the fees in the begining of the process, the loan officer Ann told me is going to be around $3000, with around $1100 on origination fee and $2000 something on tittle+Appraisal and such.
This is not the first time i am doing a refi loan.
I look around other banks with rewards for new customers and I asked Ann if Wells Fargo has one.
She said yes, I should get around $900 credit towards my origination fee charge, which the origination fee should be around $200.
Now after I gave her all the docs and such, I asked for GFE.
It shows that the orgination fee charge to be $3,590 with 0 discount points for interest rate of 3.875%.
When I asked her about it, she said I got 1 discount point and the total I have the pay for origination fee is still around $200, since I get $3300 origination fee paid by lender. All other tittle+appraisal fees are the same as before.
This does not look normal to me, because on the GFE doc, it only shows $3,590 on origination fee charge and 0.000 on discount points.
Can anyone give me some suggestions?
11-26-2012 09:37 AM
On the GFE, what do you see for item A. That is the real origination fee that you have to pay.
Why do you have do the refinance with WellFargo when you can get a better rate, and the cost for title, escrow, appraisal are paid by lender? I recommend a second look with a local mortgage broker.
Selection Realty & Mortgage
DRE 01916028 NMLS 922540
11-26-2012 02:43 PM
Redfin Open Book is probably similar to any recommendations.
There are also mortgage specialists in the mortgage forum.
Maybe you can post your question there and pick from the most helpful person(s).
I also used Zillow Mortgage search to compare rates.
My broker that I'm using right now, is trying to get me 3.5% apr jumbo conforming, with a credit to cover all orgination, title, appraisal fees. I'll see if he is successful or not. This seems comparable to Zillow mortgage, so I am ok with him.
You need to always do research, get some comparables, and look out for yourself and ask a lot of questions, otherwise, it's easy to get a raw deal.