As you are preparing to either purchase a new home or refinance an existing home, it can be overwhelming getting that Good Faith Estimate and Initial Fee Itemization from your lender with a laundry list of mortgage fees. So, I’ve listed a few of those fees that came to mind that you may see on a conventional rate and term refinance in Utah.
Seriously? Look at the difference in Lender and Title fees. I know what you are thinking, it’s a bait and switch, there is a trick, a loop hole, SOMETHING must be wrong here. Luckily for us simplifiers, the government has created strict laws preventing lenders from disclosing one fee, and then trying to add fees or close the loan with a much higher fee for no valid reason. Of course unforeseen issues can and will pop up while processing a loan that would be a valid change to the fees. A loan amount or rate change, lower appraised value than expected, or other changes to the application would be examples of a valid change.
Box Home Loans
|Lender Fees ||Lender Fees |
|Box Title Fees ||Title Fees |
|Other Costs ||Other Costs |
So how does Box do it? How do they stay in business without charging an arm and leg in origination fees? Its simple really, quality and quantity. Box, and the benefits that come with them, was created for those that ‘fit in the box’. You have to be a quality borrower with a high credit score with a quality straight forward loan.
The combination of those two things allows a borrower to take advantage of the record low rates as well as the ridiculously low mortgage fees, and allows Box to do more loans. And those title fees? Box has created a thriving relationship with a national title company that is able to offer a discount due to the volume Box sends their way. With Box you don’t have to wait for title to quote fees, only to have them increase when your loan amount changes or they realize you haven’t had title work done in the past 3 years.