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what are hidden fees i should look out for when getting a mortgage

by cmocha62872338 from Letona, Arkansas. Mar 23rd 2015 Reply


Reggie Crouse (ReggieCrouse)
#14 ranked lender in Arkansas - 4 contributions

I don't know how anything can be hidden when our initial disclosure packet is around 100 pages. All of those pages are various disclosures regarding fees and interest rates. I think you are being mis-guided by advertising as I don't think you are asking the most relevant question and your question maybe should be....can comps be found for my loan? In rural areas appraisal comps can be an real challenge.Regarding fees...those are all relevant to factors such as home valuation etc. Most of the homes (which there aren't many in your zip code) have a low valuation. A lot of lenders won't do very small loan amounts. call me at 501-681-5939 and I can explain.

Mar 24th 2015
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

In today's over-regulated lending environment, there are no hidden fees. Everything gets disclosed up-front. Certain changes are allowed, such as if you select a different title company and their fees are higher than the fees the lender disclosed, then you would bear the cost of the higher fees, or you could go with the lenders disclosed company and pay the lower amount. To make sure you are dealing with a competent lender, try working with a local Mortgage Banker or Broker that subscribes to a high level of ethics. You can find one by using the search engine found on the home page of the National Association of Mortgage Professionals. Their website is www.NAMB.org. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Mar 24th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,439 contributions

"Hidden fees" really don't exist. Never have... All lenders are required to disclose EVERYTHING up-front in their disclosures, and the disclosure has to be accurate. If it is off, the lender has to pay the difference. With that said, there are many advertising gimmicks to be aware of. The biggest two come simply with an advertised rate that either doesn't apply to your situation, or comes loaded with a bunch of discount points you do not want to pay. The other is "no closing cost" claims, or reduced closing cost claims. All loans have closing costs, and the "real" closing costs are virtually the same with everyone. How you pay those costs can vary, and the costs are always tied to an interest rate. I can give you a low rate, but your costs are higher. I can give you low costs, but your rate is higher. But once you've started to move forward, and the lender sends you disclosures, there is nothing hidden by any lender anywhere. It just doesn't work that way.

Mar 25th 2015
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