Mortgage loan with Stated income, lender fees.?
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ps- some mortgage brokers and lenders load additional fees
in. They have to disclose them to you, but it is legal for them to do that. And yes, you are the one that has to pay them. Shop with a mortgage broker with a good reputation. If you have a relationship with a bank, talk to your bank or credit union, too. There can be lots of money added to your costs.
Mortgage loan with Stated income, lender fees.?The PMI is avoidable by doing two loans. A 1st Mtg. to 80% LTV and a 2nd Mtg for the balance. If the rate you have been quoted is locked it's not bad, but when was it locked? How much is the bank or brokerage making for giving you that rate(YSP)? Is there an origination fee? If not looks to be too good to be true actually. Get a mortgage comitment letter and make them stick to the deal. Have them run the numbers to find out whether 1 loan or two loans best meets you needs.
Good Luck
Edit: Lot more info posted as I was typing.
You are working with a Mtg Broker. The broker is using a whole sale lending company's money to fund your loan at closing (brokers originate loans as middle men for these whlosalers). The yield spread premium (YSP) is paid to the broker by the whole saler for giving you a rate over what was, on the day you locked in, the lowest par rate. The borker did this so you would not have to pay an origination fee out of pocket (money you are bringing to the closing table). You have financed the brokers paycheck (the 1.5%). The broker is required to disclose the YSP (and did). A bank would not be required to disclose YSP. If you have the cash to put towards the closing costs have the broker rerun the numbers and see if which you like best.
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