The hidden mortgage fee banks don't want you to know about

The hidden mortgage fee banks don't want you to know about. What Everyone Should Know About Closing Costs

The hidden mortgage fee banks don't want you to know about video duration 3 Minute(s) 31 Second(s), published by Jacob Anderson, Colorado Mortgage Copilot on 06 04 2018 - 16:29:52.

The hidden mortgage fee banks don't want you to know about If you're shopping for a mortgage, there's one fee your bank doesn't want you to know about The mortgage settlement process–sometimes called mortgage closing–can be confusing
A settlement may involve several interested parties and a variety of .

What are mortgage origination fees? Watch our video to find out Home loan closing costs include a number of expenses that can sometimes come as a surprise to borrowers
Origination fees, taxes, and escrows are just a few Home loan closing costs include a number of expenses that can sometimes come as a surprise to borrowers
Origination fees, taxes, and escrows are just a few .

The hidden mortgage fee banks don't want you to know about

If you’re shopping for a mortgage, there’s one fee your bank doesn’t want you to know about. In this video, I’m going to show you what this fee is, how to minimize or eliminate it.and depending on your loan amount, this could save you thousands.

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I get it, mortgage documents can be super confusing, which is why most people tend to focus on just one thing, the RATE. But many glaze over the fees, which at the end of the day, are just as important when you’re evaluating loan options.

So here is the big one, and it’s called an origination fee. What is this? The origination fee is the cost for sourcing, establishing, and processing a mortgage loan, and typically you’ll see 1% of the loan amount being charged.

So if it’s 1%, and your loan is $300,000, you’d be charged $3000, and if your loan amount is 600,000, $6000. All else being equal, the work is the same, but the mortgage lender is making 2x on the higher home price.

As you can see, a percentage of the loan amount is not the best way to compensate everyone involved for originating your loan, and this is why we don’t charge an origination fee to our borrowers. Instead our borrowers just pay a flat rate processing fee, and a flat rate underwriting fee.

** This video was first published on: https://youtu.be/rhPMv81uTDg