So you think you are getting a good mortgage rate?
…what about the fees??
So, you found a mortgage company…say, “Joe Bag O’ Donuts Mortgage Company” on the internet, and they are offering you a rate .25% LESS than what you can find with perhaps someone who might appear to be more reputable, or well known. Congrats. But did get that mortgage persons FEES in writing??????? You better! Low teaser rates are often accompanied by some of the dumbest fees I have ever seen…I am not making these up, and I have seen some of these attached by a lender on many condos in Philly (PAID BY THE BORROWER)-
Origination points
Discount points
Application Fee
Inspection Fee
Final Inspection Fee
E-mail Fees
Flood Certification Fee
Warehouse Admin Fee
Subordination Agreement Fee
Require Fee
Processing Fee
Administration Fee
Settlement/Closing Fee
Commitment Fee
Tax Service Fee
Reinspection Fee
Attorney Fees
Document Preparation Fees
Mortgage Insurance Premium
VA Funding Fee
Moral of the story- If the rate looks too good to be true….it may well be. Don’t be a goof. Get interest rate quotes AND fees in writing before submitting a mortgage application.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
