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comparing lenders- need some advice
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educationforchange
Mueller Community

Posts: 16
Joined on July 1st, 2008
comparing lenders- need some advice
by educationforchange on July 11th, 2008

HI folks,

Can anyone give me comparison prices on section 800 from your Good Faith Estimate . It will be page two. That is the main section that lenders vary on. Section 900 and 1000 are standard for most lenders. the interest rate/APR,I have no control over right now until we close sometime in Nov/Dec, but I'd like to also compare the fees different lenders charge to help us decide if Prestige Lending is the choice for us. From this board I have noted that several folks had good experiences with Bank of America no-fee mortgage and Treaty Oak Mortgage and with Prestige Lending.

I am attaching an excel spreadsheet if you would be willing to give the fees you paid in section 800 to your lender. I have put what ballpark fees usually are. I'd be happy to post all the info to the meritage website when I get it, without anyone names attached. You can send it to me as a private message.

(OK, I can't add the spreadsheet for some reason, so it is below). I'll ask our fearless moderator how to add an attachment.

SETTLEMENT STATEMENT (GOOD FAITH ESTIMATE)
800. ITEMS PAYABLE IN CONNECTION WITH LOAN (LENDER FEES) will vary from lender to lender

Loan origination fee 1% of loan amount
Loan discount fee,point 1% of loan amount, varies
Appraisal fee $300 to $500
Credit report $10 to $65
Lender's inspection fee $50 to $100 per inspection, used to measure progress in construction loans
Mortgage Insurance Application fee $200 to $400
Assumption fee $0.00
Administration $200 to $300
Credit report $70 up
Amortization schedule $13 up
Flood certificate $17 to $20
Underwriting fee $300 to $500
Tax service fee $60 to $70, $118 up
Lenders Doc prep $100 up
Assignment record fee $15 up
Loan application fee $0 to $400

YOUR LENDER NAME?
Loan origination fee
Loan discount fee,point N/A
Appraisal fee
Credit report
Lender's inspection fee
Mortgage Insurance Application fee
Assumption fee
Administration
Credit report
Amortization schedule
Flood certificate
Underwriting fee
Tax service fee
Lenders Doc prep
Assignment record fee
Loan application fee

Curiously enough, I saw that the topic on "Prestige Lending?" has disappeared from the Meritage section. The last time I read it was June 29.
H
 
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GP
Mueller Community

Posts: 282
Joined on September 17th, 2007
Re: comparing lenders- need some advice
by GP on July 11th, 2008

The post you are referring to is located here: viewtopic.php?f=7&t=710

It is now on the second page, but it hasn't disappeared.
 
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mam469
Mueller Community

Posts: 41
Joined on August 30th, 2007
Re: comparing lenders- need some advice
by mam469 on July 12th, 2008

i am closing on my home on camacho in nov/dec (meritage) and my agent has suggested looking at getting an fha loan. can you do that? i recall signing paperwork that says the builder wants a conventional loan. my agent says fha is now getting easier to qualify.
melissa
 
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Rachelle Abercrombie
Mueller Community

Posts: 6
Joined on September 15th, 2008
comparing lenders- need some advice
by Rachelle Abercrombie on September 15th, 2008

If they are charging you a processing fee anywhere on there, make them take of the Administration fee. It is the same thing really. The credit report fee should only be about $13. You shouldn't have to pay for an amortization schedule, that is BS. You shouldn't have to pay for a loan application either, unless it covers the appraisal.

I was a loan officer up until about 1.5 year ago. I know some things have changed, but thlere are always people/companies who will try to nickel and dime you to death.

You should definately get another lender's quote for comparison. A home is a huge investment and you don't want to just take one person's word that they are giving you a good deal.

I would recommend calling Mortgage Lending Solutions and talking to David D'Aprile. He has a large line of options for loans and he will be very honest with you. Call him at 512.275.5555 or email him at david@mlsrocks.com. Please tell him I referred you.
 
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joriane
Mueller Community

Posts: 24
Joined on September 26th, 2008
Re: comparing lenders- need some advice
by joriane on September 26th, 2008

you CAN do FHA if you did not buy an affordable house, so if you paid MARKET price you can do FHA!!!! my private lender did major research for this.
 
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wofej68543 wofej68543@


Posts: 31
Joined on October 20th, 2020
Re: comparing lenders- need some advice
by wofej68543 wofej68543@ on February 10th, 2021

I can give you comparison prices on section 800 from your Good Faith Estimate. However, I would recommend you to first get personal loan online so that you can afford the expenses.
 
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