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    1 Reply Latest reply on May 2, 2009 12:02 PM by phanio

    Looking to refi home mortgage, but refuse to be gouged

    amspcs Ranger
      I'd love to re-fi my mortgage and take advantage of todays low rates. But I've interviewed several
      mortgage brokers and find one to be greedier than the next. 3-5% of re-fi amount as closing costs
      is unreasonable and unnecesary in my opinon. I understand certain fees are legit and inevitable,
      for example state doc stamps, title fees etc. But $500 app fee here, $400 processing fee here, $300 for this, $250 for that....those are all 'packs' in my opinion.

      Yes, I understand the broker has to make a profit. But there is a difference between a reasonable profit
      and a gouge job.

      Any Florida brokers out there interested in making a few bucks by quoting REASONABLE re-fi closing fees?
      Otherwise, I'm just going to stand pat. I refuse to be gouged.


        • Re: Looking to refi home mortgage, but refuse to be gouged
          phanio Pioneer
          I have to agree with you - lots of gouging going on. Even if you find a lender that won't charge all those fees - then they jack the rate - they either get it up front or on the back-end.

          Part of the reason is that the industry is struggling. During the haydays of a few years ago, there was so much profit to be made that the number of mortgage brokers jumped ten fold in a short time. A lot of people took big risks to get into this industry and have no chioce to ride it out - and gouge in the mean time.

          It is a bad situation. Keep looking. I know of a broker that may not charge that many fees, is out of VA but covers all the states, and may be able to help you. I have no affiliation with this person just know that he helped a friend of mine. His name is Aaron Wagner - phone (804) 627-4320

          Best of Luck

          Business Money Today