Mortgage Fees Can Affect Your Affordability

Originally posted 2009-01-03 12:24:29. Republished by Blog Post Promoter

When choosing a mortgage company look at the fees you are being charged because that may affect your affordability of the loan at the beginning of the process.   Notice that the fees are different if you live in certain cities.   Below is the fee structure for Fifth Third Bank

 

Standard Fees	Conventional/Jumbo	FHA
 Funding Fee – PA, NJ, NY, MI, OH, IN, KY, WVA, N.KY, DE         Â	 $495.00	 $595.00
Funding Fee – IL, WI, MN, IA, SD, NE                     Â	 $520.00	 $650.00
  Funding Fee – NC, SC, GA, TN, VA, FL, AL, MS         Â	 $495.00	 $595.00
 Funding Fee – TX, MO, KS, AR, LA, CO, ID, OR, WA, NM, NV, WY, UT    *Funding fee is per the subject property’s state       Â	 $525.00	 $625.00
 Re-draw Fee   Â	 $150	 $150
 Rush Closing Request (When able to accommodate less than 48 hours Charlotte Fulfillment Chicago Fulfillment Cincinnati Fulfillment Grand Rapids Fulfillment   Â	 $100.00 $100.00 $100.00 $200.00 $100.00	 $100.00 $100.00 $100.00 $200.00 $100.00
Flood Certification               Â	 $4.00	 $4.00

 

Tax Service Fee is $72.00.  This fee is for the mortgage company to pay your taxes from your escrow account.  The taxes that is paid in your mortgage for the mortgage company to pay on your behalf sits in an interest bearing account until such time as when it is necessary to pay on your behalf.  However, the bank is charging for this when in fact they are getting paid on the money already.