Origination charges - fair?

[Apoorva K.]

Hello BPers!

My first post. BP has wealth of knowledge and you guys keep adding to it. Awesome job! Man, I am addicted to BP :)

I am going with this triplex and am looking for financing. The loan amount is slightly more than 100K (25% down, 75% loan). I talked to this mortgage company (broker is a very fine, seasoned and knowledgeable gentlemen). GFE has 2.25% of loan amount as origination charge. Does it look high or is that normal? 

To compare, I talked to a big bank, and as expected, their origination charge was almost 1%, but they had more than 1.75% "loan discount fee", cause it's an investment property. Net-net, it wasn't investor friendly estimate.

At this point, I am tempted to call a few local banks, and most likely will. But want to see what do experienced people think of this. Is this just another newbie mistake on my side, and 2.25% on investment multi is normal?

My credit score is excellent, this will be second mortgage (first is for primary res), and backend DTI will be around 21-22%. Also have decent cash reserve, if that matters. I'm with this current employer for many years.

Thank you!