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wcs3504
my boys
Member since 2/06 2506 total posts
Name:
Wanda (formerly cw0904 on LIW)
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Mortgage broker fees
What is the average broker fee and any other additional charges they add on besides the usual closing costs?
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Posted 7/2/06 8:06 PM  |
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wcs3504
my boys
Member since 2/06 2506 total posts
Name:
Wanda (formerly cw0904 on LIW)
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Re: Mortgage broker fees
bump. 
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| Posted 7/4/06 11:19 AM |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: Mortgage broker fees
Posted by wcs3504
bump.
broker fees hmm...from what i remember and this was just a couple of weeks ago....we wrote out a check to them for about $1000. That was $700 broker fee plus we had to pay for the appraisal $300. We would get $500 back from the real estate office since they have some sort of deal going on. even though there are fees, we looked around and still got a better deal going through a broker instead of a bank. i thought places like wells fargo are direct lenders and you wouldn't have to pay these fees but they charge you about a $700 fee too to use them.
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| Posted 7/4/06 12:07 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage broker fees
there was a post awhile back about this- my DH a broker/banker listed all the fees for everyone
he isn't home right now or I would make him do it again
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| Posted 7/4/06 4:36 PM |
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MrsA
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Member since 1/06 2012 total posts
Name:
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Re: Mortgage broker fees
I cant remember all the other fees..but I know we are paying 1 point to our broker. 1 point = 1% of the mortgage amt. It was worth it to us, because he got us a better rate than any of the banks we talked to.
I know some brokers charge 2 points.
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| Posted 7/5/06 10:14 AM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Mortgage broker fees
Our broker charged us 1/2 point or $3000 but he also got us an incredible rate. Plus since he put it down as points, its tax deductible.
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| Posted 7/5/06 11:30 AM |
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MrsA
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Member since 1/06 2012 total posts
Name:
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Re: Mortgage broker fees
Posted by CkGm
Our broker charged us 1/2 point or $3000 but he also got us an incredible rate. Plus since he put it down as points, its tax deductible.
ooo I wonder if it's tax deductible in NY too...
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| Posted 7/5/06 11:37 AM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Mortgage broker fees
Posted by MrsA
Posted by CkGm
Our broker charged us 1/2 point or $3000 but he also got us an incredible rate. Plus since he put it down as points, its tax deductible.
ooo I wonder if it's tax deductible in NY too...
That's a federal deduction so yes, it is.
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| Posted 7/5/06 12:13 PM |
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MrsA
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Member since 1/06 2012 total posts
Name:
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Re: Mortgage broker fees
Posted by CkGm
Posted by MrsA
Posted by CkGm
Our broker charged us 1/2 point or $3000 but he also got us an incredible rate. Plus since he put it down as points, its tax deductible.
ooo I wonder if it's tax deductible in NY too...
That's a federal deduction so yes, it is.
good to know-thanks!! I just have to make sure our broker also put it down as "a point"
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| Posted 7/5/06 12:19 PM |
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wcs3504
my boys
Member since 2/06 2506 total posts
Name:
Wanda (formerly cw0904 on LIW)
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Re: Mortgage broker fees
Posted by Beth1210
there was a post awhile back about this- my DH a broker/banker listed all the fees for everyone
he isn't home right now or I would make him do it again
Beth I have been doing a search here for sometime and can't find what your DH posted. Would you mind sharing it again? Thanks.
That is great that the fees can be tax deductible. DH will be so happy to know! :D
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| Posted 7/5/06 10:33 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage broker fees
I just bumped it for you
it's called cut those closing costs
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| Posted 7/6/06 10:16 AM |
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wcs3504
my boys
Member since 2/06 2506 total posts
Name:
Wanda (formerly cw0904 on LIW)
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Re: Mortgage broker fees
Posted by Beth1210
I just bumped it for you
it's called cut those closing costs
Thanks for buming it for me!
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| Posted 7/6/06 9:53 PM |
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