What are the average fees to do a mortgage loan? Average total cost?

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  1. Reply
    February 2, 2011 at 11:34 pm

    usually just the interest, and a yearly bank keeping fee, interest is the killer though, in long run over 20 – 30 yr period you can pay upto 3 times the amount of the loan, awww poor banks, not

  2. Reply
    Eric C
    February 2, 2011 at 11:43 pm

    Closing costs are determined by several factors; your credit, ease of loan, and loan amount.

    Purchase money mortagages will have different closing costs then a refinance.

    The easier the loan and the better the credit, the lower the Lender fees should be.

    Third party fees should be relatively similar. However, larger Direct Lenders have more purchasing power and can often get better rates on both the interest rate and third party fees, i.e. title, escrow, etc…

    Also, closing costs depend on how you structure your mortgage. Do you want a lower rate than what the market will bear, if so then you can buy down the rate with discount points, 1% of loan amount, which will raise your closing costs.

    So if you were comparing the above loan to say yours, all things being equal, but you didn’t know the person was buying the rate down, you would not have an accurate comparison and you would think you’re getting a better deal then him when you might not be.

    Really, there is a lot of gut feeling in what you’re trying to do. By the question it seems as if your gut is telling you something, go with it.

    Good luck…..

    P.S. I know I didn’t give you the $ #### you wanted, but it really does depend and to give you actual dollars doesn’t do anyone any favors unless I know the terms….A financial planner wouldn’t recommend anything until they saw what they were working with and in mortgages it’s the same.

  3. Reply
    February 2, 2011 at 11:49 pm

    Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every monthcompanies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.

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