And I don’t mean know your lender in the social sense, but rather the fees that your lender is going to be charging you to get your loan done.
This morning I received the pre-audit for someone closing a home today and there was a fee that had not appeared on the Good Faith Estimates:
Broker Admin Fee … $7,516.
Lenders, of course, are allowed to earn a living. There’s no disputing that. But a broker admin fee charged by a mortgage broker (who “brokers” the deal through an actual lender) that’s roughly 3% of the loan amount?
On an FHA loan and a program where a buyer only can bring in 3% total?
If you’re using a lender, make sure you understand the fees that are being charged. If you are using a mortgage broker, make sure you understand how they’ll be making their money on the transaction.
Not knowing nearly cost these buyers thousands of dollars today.
[tags]Phoenix real estate, real estate financing[/tags]