Anyone familiar with the mortgage Fannie Flex 100?

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The groom and I were qualified for this program, the interest rate of 6.5% fixed 30 years, with no money and about $ 5,000 closing costs? Although we will through a broker who is charging us 0.50% of loan and lender fees of 1%? So we have about $ 1,900 loan. Is it too much?
We plan to refinance rate subprime loans of 9.1% fixed rate mortgage of 50 years. I was told that if mortgage companies are a good idea a couple of different projections in good faith, to see if there are costs attached to lines that should not be there. Here’s something they intend to charge us. If we question one of them? Loan origination fee credit reporting Free subscription aruanneAdmin & teenustasuClosing tasu√úleujutuste tax cert pay for receiver /, kindlustusToetusedGov board under the title prepRecording doc fees for taxes and retrocession premium tasuHazzard much reservidNii evaluation of the fees added, how can you say what needed to be there and that the padding Broker If it is pure profit, how can you avoid paying taxes to? – Not all mortgage companies are required to make a profit?

9 Comments
  1. Reply
    courtney02908
    January 28, 2011 at 9:03 pm

    I dont think that is too much you are getting a great rate as well as 100% financing. Fannie Flex 100 is just a program that give you 100 % loan to value with a reduced PMI as opposed to spliting the loan into two. Just be sure the broker isnt lying to you about the rate because I am a broker myself and have access to the specific program and I dont think they are that low with only .5 in origination fees.

  2. Reply
    Mortgageman
    January 28, 2011 at 9:37 pm

    Take it! I would have to pay a point to get that rate today. You could ask him for 7% with only 1/2 point.

  3. Reply
    Yanswersmonitorsarenazis
    January 28, 2011 at 9:49 pm

    The 1% fee is a pass-through charge straight from Fannie Mae.

    You have two choices: Pay the discount fee or take a higher rate.

    6.5% on a Flex right now is very good. Really. With 1.5% upfront, that’s a pretty good deal. Especially for a smaller loan like yours.

    You’d probably have to take a rate .25-.5% higher to not pay the fee upfront. So, in 2-4 years, you’ll pay more and more interest instead of paying the 1% upfront instead.

  4. Reply
    girlwhoknowsitstrue
    January 28, 2011 at 10:14 pm

    The only required ones are:
    Credit Report (and you can ask to see the exact bill so they don’t pad it)
    floor cert
    title insurance (ask to see the bill)
    recording fees
    hazard insurance
    taxes and assessment reserves

    everything else is pure profit for the mortgage company.

  5. Reply
    NOIZE
    January 28, 2011 at 10:44 pm

    If you are doing a sub-prime loan and getting a rate of 9.1%, sounds like you are lucky to even get an approval. The loan company is charging for their services. The fees the loan company is charging are the Origination fee and Admin & Underwriting fee. Everything else is 3rd party and neccessary for the transaction.

  6. Reply
    Kaz
    January 28, 2011 at 10:55 pm

    These fees look like they are in line. What matter here is not the type of fee, but how much it is. Depending on your loan amount, your total closing costs and settlement charges should be between $ 2,500.00 to $ 6,000.00. The latter being for a loan amount over $ 300,000.00. Remember though, these costs are added into the mortgage, but don’t let that stop you from getting the best deal possible. It is your equity that it will be eating up.

    It also looks like you have some challenges with your credit. If you would like a second opinion, I would be more than happy to review your Good Faith Estimate for you and let you know if you are being overcharged. Furthermore, if you have other questions and you don’t feel comfortable asking the mortgage company you are dealing with, feel free to contact me at timothy.kazee@americanhm.com, or you can go to my website at http://www.yourohiomtg.com. You may be able to get a better rate. Just be very careful.

    Good luck!!

  7. Reply
    Matt J
    January 28, 2011 at 11:35 pm

    It looks like these fees are ok. Most of these are charged to the mortgage company.

    Matt
    http://www.diversifiedlender.com/
    http://www.minnesota-mortgage-rates.net/

  8. Reply
    jcorreahq
    January 29, 2011 at 12:23 am

    Hi, I came across your question and could not help but respond! I noticed that you are looking refinance your property and was already given a quote from another institution. I agree completely with getting a second opinion on the matter. 9.1% fixed is an incredibly high rate for the market right now! I work with over 100 lenders nationwide and offer several programs that fit most situations. I would love to take a look at your situation and see what I can do for you! I offer fast, courteous service and will walk you through each step of the process. There is absolutely no obligation to you and if nothing else you will know exactly where you stand and what you qualify for. Please feel free to contact me Jcorreahq@yahoo.com or directly @ (813) 655-9826. I look forward to speaking with you!

  9. Reply
    karrie r
    January 29, 2011 at 12:43 am

    The rate you are getting is really high! It is always good to get more than one quote. Most of the time your closing cost will always be a LOT higher with a broker. I work for Countrywide Home Loans. I would be more than happy to look over your Good Faith Estimate and see if we can bet them also I would be curious to see if I can get you a better rate. I hate to see people like your self robbed. You can reach me @ karrie_ramel@countrywide.com or at the office @ 770 619 2600

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