Mortgages Made Simple with Rick Gundzik

Wednesday, March 23, 2005
Garbage Fees - Part 1
Many of you have heard the term 'Garbage Fees', but have wondered what they are. The term refers to fees that are not necessarily needed in your loan transaction.

The most common garbage fees charged by mortgage brokerage companies are Administration, Application and Document fees. Processing fees are customary, but shouldn't be excessive. Processing fees should range between $495-$795.

Mortgage brokers don't draw up loan documents, so a document fee shouldn't be charged to you. An Application fee is a completely unnecessary fee. Administration fees are sometimes substituted for an appraisal and/or credit report fee.
posted by Pac Res @ 12:02 AM   0 comments
Tuesday, March 22, 2005
The Truth about Real Estate
This blog is intended to give honest and frank answers to your real estate and mortgage questions.
posted by Pac Res @ 10:43 PM   4 comments

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