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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » refinancing my mortgage and just saw origination fee?

refinancing my mortgage and just saw origination fee?

I’m refinancing my mortgage and saw it on the disclosure it has an origination fee. Does every mortgage have that fee? I’m not aware that there’s a charge. He never mention this fee before. Can this fee to waived?

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4 Responses to "refinancing my mortgage and just saw origination fee?"

  1. Appraiser guy says:
    Loan officers and mtg companies do not work for free. They have bills also. No this fee can not be waived!! Would you or your husband go to work for free and waive your pay check?
  2. A Hunch says:
    Appraiser Guy is mostly correct…
    All loans cost money to get.
    You want a lower or no origination fee, you go with a higher interest rate loan.
    Usually, it’s most cost effective it you take the lower rate with the standard origination fee.

    It’s not always. I refi-ed at the beginning of the year. Instead of taking the lowest rate possible, I took a rate slightly higher (3.875 vs 3.75) because the mortgage broker got a bonus on selling these loans and he passed it to the customer.

  3. ChoDuffield says:
    Sometimes there are loans which carry no fees like this, but to make up for them you may get a slightly higher rate. The lender will then kick back some to the broker. The broker gets to feed his family either way.
  4. J S says:
    No Cost Refinance Available 8/4/2011

    Loan amount $250,000
    Single Family Primary Residence
    740 Credit score
    80% LTV or less with no impounds

    Note Rate 4.5%
    APR 4.5%

    ORIGINATION CHARGES $0
    Underwriting Fee $995.00
    Appraisal Fee $435.00
    Credit Report Fee $35.00
    Closing/Escrow Fee $425.00
    Notary Fee $150.00
    Lender’s Title Insurance $625.00
    Courier $45.00

    Credit to borrower for 4.5% interest rate. $(2,710.00)

    Principal & Interest $1,266.71
    Due at Closing $0.00

    Rates with points as low as 3.875% / 4.077%APR

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