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   General Questions-> Mortgage Loan FeaturesMessage format
Posted 10/17/2005 8:18 PM (#480)
Subject: ---
I have just purchased a home for 89,500. I put $30000 down but my loan was still for 69000 because of closing costs. I have been reading about "points" the lenders use and even with that I feel the lender charged way to much, his fee alone on the closing was 4200. Pleasde explain how fees are determined. What is the highest "points" they can charge? I put a large down payment and still have a 9.25% apr.
Big Bank Hank
Posted 10/18/2005 1:41 AM (#483 - in reply to #480)
Subject: RE: ---
Posts: 22
Very confused. The most anyone can make anymore is 4 points front and back with almost all lenders(some will go as far as 5 before section 32 and nobody does section 32 anymore besides maybe Ameriquest.). You said your purchase price was 89500 with 30000 down which would make the loan amount 59500 but the loan was for 69K? Even if he was charging 5 points that would only mean the fees(broker fees) were $2975. There is no way you are going to get $9500 in closing costs(All fees considered) on a 59500 loan unless it is HARD MONEY. And from the looks of your APR you could be getting that(But many non-prime lenders have that rate as well for their lowest tier but no way you can charge that much in fees). And that is s decent rate if you are in fact getting hard money. I would love to see your settlement statement and note. Provide some more details about you and your loan.
Posted 10/27/2005 6:04 PM (#509 - in reply to #480)
Subject: RE: Points
max points very by state. California loans can charge up to 5.99%. If it is a direct lender or a correspondance they can get up to 7.99% because rebate isn't disclosed. Max points very from state to state. I know colorado max points is 7.99%.
Posted 2/17/2006 5:24 PM (#800 - in reply to #480)
Subject: RE: ---
I am sure whatever he charged was within the predatory lending law for that state. However, he definitely did not worry about getting any repeat or referral business from you because he pretty much robbed you. Sorry to have to say.
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