I called and the response that I got was this:
The fees are not cut and dry. Every situation is different , thus the fees would be different.
I asked for a ball park and was told that the usual mortgage placements were anywhere from 1 to 2.5 points plus a fee for service, once the mortgage is placed (it is illegal to get upfront fees, for service or otherwise)
What it comes down to is how much you are financing, and how difficult it is to place.
Obviously if you were trying to buy a 3000 sq. ft house, in Sanfrancisco that was a forecloser for 40,000 , you would have no problem getting financed (house like that anywhere from 300,000 to 750,000 or more) so the fees would obviously be low.
On the other hand if you filed chapter 11, ran up 60,000 in CC bills, 2 ex wives, etc.
Your fees would be higher.
5% of total is a good average.
Call em.
Course Stock trader gave us a number that ended up being a movie theater, and Kevin1 had me calling a security company at first, so I guess I'll email them my telephone bill <g> |
