Stick a fork in priceline.com by TheTruthseeker
From Priceline.com's web site when I applied for a mortgage online. I am a mortgage banker in New Jersey and according to the "Typical Closing Costs in Your Area" priceline mortgage gave is against the law since it is to illegal charge for Document Preperation Fee, Processing Fee, and Underwriting Fees to consumers in the State of New Jersey. All are illegal fees under the laws of New Jersey. N.J.S.A. 17:11C-23 and in N.J.A.C. 3:1-16.2 and 3:1-16.10. Their rates suck as well. The company that I work for just put out a press release today. Our 3/1 ARM with no points is 7 1/4% no Points on a 75 day rate lock. The quotes below are pricelines quotes for a 60 day rate lock. If they can beat 7 1/4% and no points I will eat a bug. search.news.yahoo.com Also what is a typical 3/1 ARM in my area? What is the margin? What is the Index? What are the caps?
Our only fees are a $350 application fee which pays for appraisal and credit report and a $250 attorney reveiw fee. Thats it. Compared to pricelines printout REMN is $600 compared to priceline's comparable $1,460 minus the $289 you save on gauranteed closing costs which brings it down to $1,161 ( Includes credit report )
( They are saving you money already ) What a frigin Joke!!
But Captain, I've got no power!!!!!!
I have a print out which their web site gave me on a $500,000 purchase price and a $400,000 mortgage. Also the $600 appraisal fee estimate is way out of line. Below is the proof.
1. Document Preperation Fee $150
2. Processing Fee $350
3. Underwriting Fee $300
All are illegal fees under the laws of New Jersey. N.J.S.A. 17:11C-23 and in N.J.A.C. 3:1-16.2 and 3:1-16.10
Subchapter 9 PERMISSIBLE FEES
3:15-9-1 Fees permitted to be charged by mortgage bankers, correspondent mortgage bankers and mortgage brokers
also the appraisal fee of $600. This amount is absurd.
Below is what I got from Priceline.com
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Save BIG on Closing Costs!
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You are well on your way to building a custom mortgage.
Our unique way of custom building mortgage loans creates special savings and these savings are passed on to YOU.
Typical Closing Costs in Your Area
Appraisal Fee $600.00
Courier Fee $25.00
Credit Report Fee $50.00
Document Preparation Fee $150.00
Flood Certification Fee $20.00
Processing Fee $350.00
Recording Fee $100.00
Settlement Fee $525.00
Tax Service Fee $75.00
Title Endorsements $50.00
Title Insurance $1722.75
Title Search and Exam $250.00
Underwriting Fee $300.00
Total Typical Closing Costs* $4,217.75
Your Guaranteed Maximum Closing Costs with pricelinemortgage* $3,928.75
You Save on Your Guaranteed Closing Costs* $289.00
*Not including: points, prepaid items (prepaid interest, property taxes, hazard and flood insurance), survey, pest inspection, subordination, fees typically paid by the seller, and costs of services not required by the lender. An estimate of excluded costs will be fully disclosed on the Good Faith Estimate (GFE). If you are borrowing more than 80% of the value of your property you may be required to obtain Private Mortgage Insurance (PMI).
We guarantee that your closing costs will not exceed* $3,928.75... that is a minimum savings of$289.00!
You will instantly save by obtaining your loan through pricelinemortgage. We may be able to increase the amount you can save! Complete the simple, easy-to-follow on-line application.
We have negotiated special rates for our customers with the leading national providers of closing services.
Thank you! The following rate and point options are provided to assist you in naming your rate. These are not necessarily actual rates being offered by participating lenders, but do reflect the current market rates for your area based upon the closing data you selected. The information is current as of Tuesday, October 17, 2000.
For your convenience, you may select one of the rate/point
combinations below.
.
Typical Market Rates for 3/1 ARM in New Jersey
-- choose one --
15 Year Fixed
30 Year Fixed
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM
in NJ
Your Loan Amount: $400,000 Loan-to-Value: 80.0%
Choose One Interest Rate
Points/Rebate Annual Percentage Rate Principal and Interest Payment
Points/Rebate
7.125% 1.306% 7.296% $2,694.87 $5,224.00
7.250% 1.056% 7.396% $2,728.71 $4,224.00
7.375% 0.806% 7.497% $2,762.70 $3,224.00
7.500% 0.556% 7.596% $2,796.86 $2,224.00
7.625% 0.306% 7.696% $2,831.17 $1,224.00
7.750% 0.056% 7.796% $2,865.65 $224.00
7.875% -0.194% 7.895% $2,900.28 $-776.00
8.000% -0.319% 8.007% $2,935.06 $-1,276.00
8.125% -0.694% 8.126% $2,969.99 $-2,776.00
8.250% -0.819% 8.251% $3,005.07 $-3,276.00
8.375% -0.944% 8.376% $3,040.29 $-3,776.00
8.500% -1.069% 8.501% $3,075.65 $-4,276.00
8.625% -1.194% 8.626% $3,111.16 $-4,776.00
8.750% -1.319% 8.751% $3,146.80 $-5,276.00
8.875% -1.319% 8.876% $3,182.58 $-5,276.00
Rates may change after initial fixed rate period.
What can I afford?
click here for calculation. I have a specific interest rate and point combination in mind.
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