Posted by Jonathan-OH on April 13, 2006 at 12:33:23:
Thank you for all your help. I really appreciate it!
Loan Origination Fee/Closing Costs - Posted by Jonathan-OH
Posted by Jonathan-OH on April 12, 2006 at 22:13:04:
I have a question about closing costs and loan origination fees. I have been told different things by different realtors. Is a loan origination fee included in the closing costs? Or is it separate? I was told closing costs average about 3% of the purchase price.
If the loan origination fee included in the loan, or would that be considered an out of pocket expense?
Thanks for all your help everyone, I really appreciate it.
Jonathan
Re: Loan Origination Fee/Closing Costs - Posted by Jack
Posted by Jack on April 13, 2006 at 08:48:35:
Loan origination fee, could or should be a part of the loan closing costs. The title or buyer and seller closing costs, could be understood as separate. I say should and could as what counts is what the contract says. I recommend spelling it out carefully. I have had a few cases where the relators, the buyer and or the seller did not fully understand all the closing costs and who pays them. Relators seem to like to tell you that it is accepted practice that the buyer or the seller pay certain closing costs. That is not necessarily true. It all depends on how the signed contract reads. You can write the contract so that the seller or the buyer pays all the closing costs or anywhere in between. Just be sure you spell out specifically what they are in the contract.