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

UPDATED: Jan 4, 2012

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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


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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