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Recieved a Good Faith Estimate from mortgage broker. It includes a "Processing Fee" and "Underwriting Fee". If my property does not appraise high enough, am I on the hook for these fees?. I know I will be buying appraisal, but wondering what the common practice is with other fees quoted. My property is a borderline case...not sure it will appraise high enough to achieve desired LTV due to foreclosure sales in neighborhood.
Mortgage brokers have a habit of initiating loans "just to see if it sticks". If you are paying for the appraisal upfront, they don't lose anything other than time spent. Don't worry, they can't and wont charge you for anything else unless it funds. Foreclosure sales will affect your appraisal. It's worth mentioning that even if the appraisal comes in at the value you are looking for, that is no guarantee that the lender (the bank your broker will sell it to) will accept the value. Lenders are cutting value left and right especially on broker initiated originations. Check out zillow.com to get an idea. You may want to contact the realtor that sold you the house and ask for a BPO. They'll probably do it for free and you will get a better idea. These days it's best to go to your lender (people you are making payments to) instead of a 3rd party broker to refinance. Even if the value should come in low, your lender has greater flexibility in working with your value as opposed to the broker. Be prepared to see thumbs down for my answer. Most likely from mortgage brokers..........sorry guys, lenders and government agencies have instituted policies making your jobs difficult to say the least. Hopefully the pendulum will swing the other way once the dust settles.
If your loan is currently a Conventional mortgage being held by Fannie Mae or Freddie Mac, and you are not currently paying PMI and you have not refinanced after March 2009 then you would be eligible for a "Refinance Plus" program. The "Refinance Plus" program will allow you to refiance your current mortgage (currently held by Fannie or Freddie) with a new loan amount up to 105% of the new appraised value WITHOUT activating PMI. Fannie and Freddie started this program to help ease the foreclosures in the market. It is understood that values have dropped so offering people an opportunity at the low rates available without activating PMI would help both the homeowner with a lower payment and the Lender with better assurance of being paid back. There are some other details to this program should you have a 2nd mortgage or Home Equity open. Also, it is not neccasarily true that your current Lender will provide you with the best offer. As with anything in life; Shop around. I hope the information was helpful. I am a Mortgage Banker employed by a Direct Lender. If your property is located in PA, NJ, washington or washington feel free to email me for further information.
You won't have to pay those fees unless the loan goes through, and they will be included in with the loan. The "processing" and "underwriting" are the last steps before "closing". If your appraisal is not high enough there is a chance you will be responsible for the appraisal fee, but that is it. Some companies make you pay the appraiser yourself at the door. Just depends, but the most you should have to fork over out of pocket is for the appraisal.
The banks learned their lesson and you can't get a mortgage for more than the house is worth anymore.
Have the appraiser to do a value check for your home first.