Quote:
Originally posted by BGCarrera32
I'd be curious to know if anyone has done the flat fee mortgage through someone like Costco. I've done 2 mortgages through a broker and payed a 1% origination fee on each, and felt like I got scammed...I know I didn't really since I got the best rate possible...but he did probably 20 minutes worth of work each time...
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20 min. of work? It's possible if you have a 780 credit score, put 50% down and the property appraised for more than the sales price. Otherwise, just about every loan has very unexpected land mines that the borrower will never hear about. I've had them blow up because the appraiser's license was about to expire, oven hadn't been installed in the new kitchen yet, county had issues with a water main, new survey said a fence had moved a few inches since the last survey, seller didn't like splitting the real estate tranfer tax (usually the law) and a host of other reasons that no borrower could ever control or probably even know about. Believe me, it can be work to deal with this stuff at 10pm the night before a closing.