The GFE is legally binding in Florida, charges can change at closing but not the origination charge
Your points for the specific interest rate chosen (after you lock in your interest rate)
Your adjusted origination charges (after you lock in your interest rate)

Liquid,

Two notes:

First, a GFE is exactly what it's name implies- an estimate. Even with a signature, a GFE is not a legally binding document. I've seen completely unrealistic GFEs sent to borrowers and then changed drastically at closing.

In the end it comes down to ethics and fairness. It's a loan, you're going to pay for it. The goal is to find a balance between what you're paying and the loan you receive in exchange. There's a lot to be said for paying a little more for someone who returns calls and closes you in a month as well!

Second, to specifically answer your question- both. Generally lenders will try to find a balance between the YSP and the upfront fee. You can be specific with your lender and tell them to price you at a par rate and then ask the cost to buy down the rate. Just make sure you stay in the house long enough to recuperate the additional closing costs associated with buying down the rate.

Good luck!

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com

It all depends on the broker. Check with several lenders.

I am a Loan Officer. If I can be of assistance, please let me know.

Martin.Smith@Emeryfed.com

Martin

Your credit rating and wise choice of lenders will determine what fees you pay. I highly recommend asking your Realtor or a few trusted friends for referrals to a good mortgage broker. You should check with more than one mortgage broker and get a written (and signed) Good Faith Estimate (GFE) using an apples to apples comparison. You should provide the same information to each lender including (1) house price...just pick your median range (2) annual real estate taxes..estimated for the area you are searching (3) a fixed price of your estimated annual insurance policy ...check with your insurance agent or realtor for average rates. Of course these numbers will vary depending on the house that you choose, but using fixed numbers for your estimates will help you compare lenders. And don't hesitate to let each lender know that you are checking with other lenders for comparison. They want to earn your business and will often sharpen their pencils for you with their best deal. Best of luck on your home purchase.

Liquid,

Fees vary widely from one broker to the next. Know that you can be pre-qualified with one mortgage broker, but continue to shop around with others for the best combination of fees. When you have a property in mind, ask any broker you are considering for a good faith estimate, which outlines every fee they intend to charge you (as well as giving you an idea of closing costs).

Take a close look at the fees in the 800's on the good faith estimate (line 801, 802, etc.) Those are the ones that can often be negotiated.

Let me know if you need a referral to a trustworthy lender. Good luck!

Diane Loveridge
Majestic Properties
(786) 210-3449
dloveridge@majesticproperties.com

You decide. Imagine a see-saw. Lower rates, higher total points, higher rate, total points.

There is also no requirement for them to charge a brokerage fee either!

I charge NO junk fees, just pass on the lender fees and then let you choose the rate/point combo based on your situation.

I do this because I am an UpFront Mortgage Broker(R)!