Posted by Ed Garcia on March 22, 2006 at 17:48:52:
Anthony,
You must be doing business with Double Dip Financial.
This lender is charging you 2 points Origination and 2 points Broker Fee, which should be one in the same, so they are double dipping you.
They?ve hit you heavy in other areas as well.
Anthony, if you?re able, I would either change brokers or renegotiate your deal.
My answer to your post should save you at least $2,160.00.
Ed Garcia
Help! Need advice on Good Faith Estimate - Posted by Anthony (CA)
Posted by Anthony (CA) on March 22, 2006 at 15:55:58:
Hello - The property is being sold for $120,000 by a wholesaler. My partner and I received a good faith estimate from the broker which reflects the following:
$Origination Fee: $2.00% - $2160.00
Appraisal Fee - $325.00
$Credit Report - $24.12
Mortgage Broker Fee - $2160.00
Commitment Fee - $200
Processing Fee- $475
Underwriting Fee - $550
We are putting a down payment of $12000.
Does anyone know of any other brokers in the Baltimore City area?
Re: Help! Need advice on Good Faith Estimate - Posted by Les
Posted by Les on March 27, 2006 at 03:03:09:
Email me the details of your deal. I’m in Owings Mills, Md and we loan in 4 states.
Re: Help! Need advice on Good Faith Estimate - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on March 24, 2006 at 11:20:03:
Being overcharged by about $2,500.
Tell your broker to drop thier fees otherwise you have a lot of other brokers from creonline who will do the deal.
Re: Help! Need advice on Good Faith Estimate - Posted by Cynthia Brewster
Posted by Cynthia Brewster on March 24, 2006 at 08:46:08:
I’m sorry you’ve run into a disreputable broker. I’m hoping he was new and didn’t know what he was doing with the GFE. It absolutely needs to be changed. Ed is right, double dipping. This is what makes me think he’s new.
If you need any help, let me know
cynthiabrewster4@yahoo.com