How would I find out exactly what kind of fees different mortgage companies charge? What is typical?
My experience so far is that they don’t fully disclose them until required by law through the Good Faith Estimate document. In my particular case, I was astonished fo find how many there were and how high.
The outfit I’m dealing with, which has a good reputation, has come up with a figure of $4700. Only one item on the list of fees is dependent upon the amount borrowed, so they tell me that everyone pays roughly the same amount.
I’m purchasing a modest condo, so the fees come out to more than 10% of the purchase price! To me this seems a classic example of “we’ll loan you the money as long as you can prove you don’t need it.”
Am I being overcharged, or should I simply have bought a more expensive property to make it worth it? Should I find another mortgage company?