Consumption and Real Estate
what are the total charge to the borrower for an fha mortgage loan?
Question : what are the total charge to the borrower for an fha mortgage loan?
I went to refinece my home and the mortgage company wants to charge me 7100.00 dollar. they said fha loans cost 2.25% of the loan which that comes to 5200.00 dollar, something is wrong.thank you
fha mortgage loan
Best answer:
The cost to you for a refinance would depend on several factors. The value of your home would determine the points a lender/mortgage broker would charge for doing the mortgage loan. A point charged a borrower for a home valued at $ 520,000 being refinanced would be different from a home valued at $ 52,000.
That being said the title insurance, taxes, hazard (fire) insurance would also be more expensive.
If the $ 5,200 are the points being charged the other fees are less than $ 2000.
I h ope this has been of some benefit to you,good luck.
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