are loan origination fee the same as points?
101349
Well, in some ways yes, in some ways no.  The loan origination fee is what you pay the mortgage broker upfront, the points are what the bank pays the mortgage broker for the loan, or "on the back".
913869
As long as there is no "annual fee" you wont pay anything unless you use it.\n\nThe APR stands for annual percentage rate, which is the interest they will charge you on purchases if you dont pay them off in one billing cycle.\n\nMinimum finance charge means that if you carry a balance past one billing cycle they will at least charge you $1 in interest, even if the interest would only mathematically equal 79 cents.\n\nsomtimes these types of cards are good because you get advance notice of sales and extra coupons.\n\nbut they are also very tempting to use when you really cannot afford your purchase.\n\nbe careful, and be informed!
414954
APR is a calculation derived by taking the closing cost of financing adding them to the total loan amount and dividing that loan amount by the loan term.\n\nFor ARMs the APR calculation according to TIL guidelines should be calculated according to a worst case adjustment scenario.  This means that the APR on a 30 year term 1, 2, 3, 5, 7 year arm or other adjustable product will have an APR of closer to 13%.  (This is obviously ridiculous, but it is what it is).\n\nThe APR calculation will be (technically) different for just about all loans.\n\nI think that what you are looking for is the average closing costs on a loan of a certain size without points.  Make sure you mention the particular state... Typically, a lender will be able to give you a rough cc estimate.
1085359
A reverse mortgage is a special type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.\nMany of the same costs that someone pays to obtain a home purchase loan, or to refinance their existing mortgage, apply to reverse mortgages too. You can expect to be charged an origination fee, up-front mortgage insurance premium (for the FHA Home Equity Conversion Mortgage or HECM), an appraisal fee, and certain other standard closing costs.\n\nIn most cases, these fees and costs are capped and may be financed as part of the reverse mortgage. Below is a more in-depth explanation of each type of fee. \n\n\nOrigination Fee\nThe origination fee covers a lender's operating expenses—including office overhead, marketing costs, etc.—for making the reverse mortgage. \n\n\nUnder the HECM program, which accounts for 90 percent of all reverse mortgages made in the U.S., the origination fee is equal to the greater of $2,000 or 2 percent of the maximum claim amount (i.e., county FHA loan limit). Currently, the FHA loan limit varies from a low of $200,160 (for rural areas) to a high of $362,790 (for high-cost metropolitan areas). Therefore, the 2 percent origination fee generally ranges between $4,003 (2 percent of $200,160) and $7,256 (2 percent of $362,790). \n\nHome Keeper borrowers are charged an origination fee that may not exceed 2 percent of the value of the home. With either product, the entire amount of the origination fee may be financed as part of the mortgage. \n\nMortgage Insurance Premium\nUnder the HECM program, borrowers are charged a mortgage insurance premium (MIP), equal to 2 percent of the maximum claim amount, or home value, whichever is less, plus an annual premium thereafter equal to 0.5 percent of the loan balance.\n\nThe MIP guarantees that if the company managing your account – commonly called the loan “servicer” – goes out of business, the government will step in and make sure you have continued access to your loan funds. Furthermore, the MIP guarantees that you will never owe more than the value of your home when the HECM must be repaid. \n\nAppraisal Fee\nAn appraiser is responsible for assigning a current market value to your home. Appraisal fees generally range between $300-$400. \n\nIn addition to placing a value on the home, an appraiser must also make sure there are no major structural defects, such as a bad foundation, leaky roof, or termite damage. Federal regulations mandate that your home be structurally sound, and comply with all home safety codes, in order for the reverse mortgage to be made.\n\nIf the appraiser uncovers property defects, you must hire a contractor to complete the repairs. Once the repairs are completed, the same appraiser is paid for a second visit to make sure the repairs have been completed. The cost of the repairs may be financed in the loan and completed after the reverse mortgage is made. Appraisers generally charge $50-$75 dollars for the follow-up examination. \n\nClosing Costs\nOther closing costs that are commonly charged to a reverse mortgage borrower, include: \n\nCredit report fee. Verifies any federal tax liens, or other judgments, handed down against the borrower. Cost: Generally under $20 \nFlood certification fee. Determines whether the property is located on a federally designated flood plane. Cost: Generally under $20 \nEscrow, Settlement or Closing fee. Generally includes a title search and various other required closing services. Cost: $150-$450 \nDocument preparation fee. Fee charged to prepare the final closing documents, including the mortgage note and other recordable items. Cost: $75-$150 \nRecording fee. Fee charged to record the mortgage lien with the County Recorder's Office. Cost: $50-$100 \nCourier fee. Covers the cost of any overnight mailing of documents between the lender and the title
676007
No. Actually, it's not even standard in the US. There are 3 different credit agencies, and each of thier systems is a little different. So your score may differ from Experian to TransUnion, to Equifax.
358568
many states have different policies. i live in north carolina and had my loan sold 3 times but interest stayed the same.check with the state commerce office
1173689
Not sure what you mean by payment fee.\n\nYour mortgage payment should only include your principal and interest payments.  If you have set up an escrow account, you will also pay towards taxes and insurance monthly.  \n\nIf you are late, you will be charged a late fee.\n\nHave you asked your lender about this?
636894
It is true, but you have to meet certain income levels.  If you don't measure up, they will offer you less.  They don't charge you interest, they charge a flat fee.  If you chose not to repay the loan on your next pay peroid, they will charge the flat fee over and over again until you tell them to repay the loan plus the flat fee.  If you can, find a better way.
344826
It's true that Federal Stafford Loan interest rates are set by the government.  While there isn't much negotiating anyone can do there, there are features that help to differentiate one loan company from another AND save you money.\n\n1) Loan Fees: Find is a company that offers a 0% Guarantee fee AND a 0% Origination fee.  These are costs that CAN be high but which the guarantor and lender have the power to waive, usually as part of their arrangement with your school's Financial Aid Office. Talk to someone in Financial Aid at your school.  Most offices only have a handful of lenders (at MOST) and only 1 guarantor with whom they work.  Loan fees change all the time and MUST be disclosed to you, so you have every right to request this information.  Truthfully, these companies are ACHING for your business, so many of them have been advertising "zero fee Stafford Loans" for some time now.  Examples: Sallie Mae, Citibank, Bank of America, EdAmerica. {Note: fees may vary by school, so double check before committing.}\n\n2) Back-end repayment benefits.  If you are very good about repaying your loans on time, this is where you can really "score."  Many companies (again, sometimes as part of a deal with your Financial Aid Office) will offer additional benefits to students who have borrowed with them.  For example, some companies offer to credit you a certain percentage of your principal loan balance after you make a certain number of payments on time.  Anywhere from 3 to 4% cash back after 33-48 on-time payments (Examples: Citizens Bank, EdAmerica, Bank of America). Other companies go the interest rate route and make offers such as "2% interest deduction after 48 on-time payments."  Of course, these offers often vary by state or by school, so check to see if they apply to you (Example: Citibank).\n\nWhy can they offer these things when student loan rates are already lower than, say, mortgage and car loan rates?  Well, because most students don't get to the point where they can actually take advantage of the benefits.  Generally, if you miss even one payment, the "48 consecutive payment" offer becomes null and void. Similarly, if you  consolidate (which so many people have done lately), the benefits cease to exist. The utilization rate that many companies report for these benefits is about 20%... not bad.  If you know that you're the kind of person who has a good grasp on your finances and will pay on-time for a few years, go for it!\n\nOne last thing: it's important to shop around but it's just as important to ask your Financial Aid office for guidance before you make your final selection.  They will be able to tell you if an offer is too good to be true or if a company is tossing around benefits because they won't be around long enough to have to make good on their offer (some companies aren't as established as others).
95437
Depends on what your loan is for.  Generally, points on a qualifying loan are usually amortized over the payments for that deduction.
1152638
here is a link for a calculator\nhttp://mortgages.interest.com/content/calculators/discount.asp\n\nit depends on how long you want to keep the property. \nlet's say for $500,000 loan @ 6.5% your interest payment is $2708.. if you want to "buy it down" to 6.00% and pay 1 point.. then, your interest payment @6% would be $2500... and it would cost you $5,000... it means it will take you 5000/(2708-2500)= 24 months to recoup the point.. so, paying this points will make sense if you will keep the loan for 24+ months
829820
its just a BIG BIG BUSINESS for everyone to pay and have someone tell them what their credit score is.\n\nThe score will cost you $10.00 and up to see were your at BUT who the hell cares about that! Just worry about credit history! the history is important just for us and the scores ONLY and i mean ONLY for the banks on lending 250K and more without secured
476208
A pre-approval entails a lender going through and verifying your information (underwriting your income, assets and credit).\n\nYou would then get a pre-approval letter.  Yes, there is typically a charge for this.  There is applcation fees (3rd party) which they'd collect in the form of an application fee.\n\nSure you can get pre-approved with any and every lender you'd like to go to... might hurt your credit though (even though it's not supposed to).\n\nYou are not commited to go with the lender that pre-approves you.  But, you should confirm this via their paperwork.  A company that does not charge an application fee will most likely have an application fee that is waived upon initiation of a mortgage.\n\nPre-approvals are a lot of work, and take time... use the lender that you want to use.  We all have basically the same loan products anyway.
407714
Sure you can. Make sure you draft a contract with interest rate and term of the loan. Also make sure you don't cross Usuary - that is the maximum interest you can charge.\n\nIf loan is LARGER then register it with county court clerk so that it stays on the record and incase of default/bank ruptcy you have first right then others.
819863
Shop shop shop for your loan.  Different lenders offer different deals depending on how much money they "have to move".  Sounds like you want a fixed rate loan.  Don't pay "points" or loan origination fees unless the difference in the interest rate provides a lower payment that pays back that much money in the time you are fairly certain you will stay in the home.\n\nYou have some chance that you will lock in a fixed rate and then rates will fall later, but rates are fairly low historically still.  You probably face a higher interest rate risk by taking an adjustable rate mortgage, and you have said you don't want that kind of risk.\n\nIf you are buying a starter home and know you will be moving in 5 years or less, consider a 5 year ARM (adjustable rate mortgage), but only if the rate is a meaningful amount less than the current fixed rate mortgage with the same (other) terms.
456695
I am assuming you are asking one of two questions...\n\n1) How far can I buy my rate down with points? or,\n2) What is the maximum amount of fee's/points I can be charged?\n\n1) This will depend on the type of loan be it an A-Paper or Sub-Prime deal. All of the lenders will have a floor rate for your specific product. Say you are offered a 10 year ARM at 6% with no points but you decide to pay 1 point to get a 5.5% rate; great you say, what if I pay 4 points thinking this will get you 4%... Wrong, the floor for this product maybe 5.375% minimum... (I made these number up BTW). An A-paper product will typically have a lower floor than a sub-prime product plus many lenders will only allow you to apply so many points for buy-downs.\n\n2) If your asking what the maximum 'points' in fees can be this will vary state to state and by transaction type. For instance FL is an 8% state on purchases meaning that adding all of the fees for origination, loan discount, appraisal, credit report etc, etc... can not equal more that 8% of the loan amount before it is a high cost loan. In Texas on a cash out refinance the maximum fees are 3%... Many lenders use a 5% cap across the board excluding Texas just top be safe.\n\nI hope this somewhat poor explanation is what you were looking for.
972862
Assuming you're paying no points, a 4% DOES NOT EXIST on a 30 Yr fixed rate mortgage.  The par rate (industry lingo for no points) is around 6.250%.\n\nThe poster's question looks suspiciously like an advertisement for the website.  I can't provide any proof, but I see it all the time on different message boards where the poster poses a question as if he/she is a consumer, and then provides a link to the website just to get people to visit.