{"id":320,"date":"2014-08-07T15:07:24","date_gmt":"2014-08-07T15:07:24","guid":{"rendered":"http:\/\/mikeclover.com\/blog\/?p=320"},"modified":"2014-08-07T15:28:56","modified_gmt":"2014-08-07T15:28:56","slug":"nationwide-interest-rates-still-down-loan-fees-rising","status":"publish","type":"post","link":"https:\/\/www.mikeclover.com\/blog\/2014\/08\/07\/nationwide-interest-rates-still-down-loan-fees-rising\/","title":{"rendered":"Nationwide: Interest Rates Still Down \/ Loan Fees Rising"},"content":{"rendered":"

CNN Money recently reported that nationwide, loan fees are up 6% over this time last year. The average cost of closing on a $200,000 loan is now at $2,539. And that doesn’t include prepaid items such as taxes and homeowners insurance, nor does it include Title Insurance or homeowner’s association fees. <\/span><\/p>\n

Of the $1,539, approximately $662 goes for 3<\/span>rd<\/span><\/sup> party services, such as the appraisal and credit report, putting the average bank fees at $1,877. Third party fees have remained stable, which means actual bank fees have risen approximately 9%.<\/span><\/span><\/p>\n

In some states the increase is even higher. In Wisconsin, fees are up 28%, in New York 24%, and here in Texas 23%. <\/span><\/p>\n

Backing the $662 out of the total brings bank fees to:<\/span><\/p>\n

Wisconsin: <\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>$2,146<\/span><\/span><\/p>\n

New York: <\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>$2,230<\/span><\/span><\/p>\n

Texas:<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span> $2,384<\/span><\/span><\/p>\n

Is that necessary? No, we at Homewood Mortgage don’t believe so. Our fees remain at a low $1,150 \u2013 less than half the state average.<\/span><\/span><\/span><\/b><\/p>\n

So why have so many banks decided to raise their fees? <\/span><\/b><\/p>\n

According to them, the blame goes to new federal guidelines that are designed to make borrowing safer. Lenders are now <\/span>required <\/span><\/span>to check a borrower’s credit history, income, and debt \u2013 something reputable lenders have being doing all along. <\/span><\/span><\/p>\n

Some lenders say they have had to add additional services in order to comply with the new rules. Among those are a fraud check, an automated valuation model, and a last minute credit check. Do these steps cost an additional $155 per borrower? <\/span><\/p>\n

What can you do to avoid excessive fees? <\/span><\/p>\n

In Texas or Washington State, you can call the Mike Clover Group<\/b> at Homewood Mortgage. Reach us by phone <\/span>at <\/span>1-800-232-7409 or apply on line at <\/span><\/span>http:\/\/www.mikeclover.com<\/span><\/a>. <\/span><\/p>\n

In all other states, take the time to get referrals from your real estate agent, attorney, or accountant. <\/span>Then shop around.<\/b> Meet with the recommended lenders and ask to see their closing costs. Lenders are required to give you a GFE \u2013 Good Faith Estimate \u2013 so you can compare those fees before committing to the loan.<\/span><\/span><\/p>\n

So why have so many banks decided to raise their fees? <\/span><\/b><\/p>\n

Because they can<\/b>. Because far too many homebuyers don’t realize that fees vary from one lender to another. Thus, they fail to shop and they’ll pay the inflated fees without question. <\/span><\/span><\/p>\n

If you’re in Texas or Washington, call today! <\/span>800-232-7409<\/b><\/span><\/p>\n

\u00a0<\/span><\/p>\n

 <\/p>\n

Mike Clover<\/span><\/b><\/p>\n

Mortgage Banker<\/span><\/p>\n

Homewood Mortgage,LLC<\/span><\/p>\n

O: 469.621.8484<\/span><\/p>\n

C: 469.438.5587<\/span><\/p>\n

F: 972.767.4370<\/span><\/p>\n

18170 Dallas Parkway<\/span><\/p>\n

Ste. 304<\/span><\/p>\n

Dallas, TX 75287<\/span><\/p>\n

NMLS# 234770<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Apply at: <\/span>www.mikeclover.com<\/span><\/a><\/p>\n

\u00a0<\/span><\/p>\n

 <\/p>\n

\u00a0<\/span>I am a 2014 Five Star Mortgage Professional <\/span><\/b>featured in<\/span> Texas Monthly Magazine<\/b><\/span><\/p>\n

This Award for exceptional client service is only awarded to<\/span>\u00a01% of all the Mortgage Professionals\u00a0in the Dallas\/Fort Worth region <\/b><\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Download my Mortgage Calculator App! Click link below from your mobil.<\/span><\/p>\n

Mortgage calculator, daily mortgage news and rates while your on the go!<\/span><\/p>\n

http:\/\/mikeclover.mortgagemapp.com\/<\/span><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

CNN Money recently reported that nationwide, loan fees are up 6% over this time last year. The average cost of closing on a $200,000 loan is now at $2,539. And that doesn’t include prepaid items such as taxes and homeowners … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/320"}],"collection":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/comments?post=320"}],"version-history":[{"count":2,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/320\/revisions"}],"predecessor-version":[{"id":322,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/320\/revisions\/322"}],"wp:attachment":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/media?parent=320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/categories?post=320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/tags?post=320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}