Sep 26th 2012 12:30PM
By Jerry Kronenberg Homebuyers and refinancers can save potentially hundreds of dollars or more on their mortgages if they make sure their banks throw out "junk" fees. " 'Loan-application fee,' 'processing fee,' 'funding fee' -- lenders come up with so many names," says Polyana da Costa, senior mortgage analyst at... Continue Reading »
Jan 11th 2011 10:21AM
Fannie Mae will be raising its mortgage fees this spring in an effort to cover its risk, or perhaps to make up ground for the losses it felt with the housing downturn. So although homebuyers might benefit from the lower prices on homes for sale, you'll be paying more in fees, when and if you qualify for a Fannie Mae... Continue Reading »
Sep 27th 2010 9:53AM
A recent report suggests closing costs on mortgages are skyrocketing, with direct bank fees up nearly 23 percent and third-party fees up more than 47 percent. First, the sort-of good news. The survey isn't measuring actual fees levied on completed mortgages; instead it measures the so-called good-faith estimates of fees... Continue Reading »
Aug 19th 2010 1:45PM
The average origination and third-party fees on new mortgages are up 36.6 percent over last year. In 2009, the average costs for closing a mortgage totaled $2,739, but that cost is up to $3,741, based on BankRate.com's 2010 Closing Costs Survey. The biggest difference is in third-party costs for appraisals and title... Continue Reading »
Aug 17th 2010 5:05PM
The Federal Reserve has banned mortgage fees you probably weren't even aware of, but that were inflating your home-loan interest rate. On Monday, the Fed announced it was banning yield spread premiums, or YSPs. YSPs are essentially bonuses that lenders paid to mortgage brokers who steered them high-interest loans. The YSP... Continue Reading »
