What is a fair mortgage broker fee on a $150,000 home loan?

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What is a fair mortgage broker fee on a $150,000 home loan?

Is $6,500 too much. I believe my lender took advantage of my late wife and I when we refinanced.

Asked on January 4, 2012 under Real Estate Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Fees of a mortgage broker concerning a loan vary in each state and in each city/town of each state depending upon the type of loan, credit worthiness of the borrower and negoatiated fees. The Truth in lending Disclosure (TILA) and the estimated closing costs that you presumably received and signed before your loan closed would have clearly set forth the brokerage fee that you would be paying.

Many people given the competition in the market simply try and get a loan through the bank that they do business with. If they get a loan there, the bank typically charges no mortgage brokering fees.

To get your answer to your question, I suggest that you consult with other mortgage brokerages about your $6,500 fee. From what I have seen, the fee is in the acceptable ball park of the mortgage industry over the past several years for the $150,000 loan received.


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