Looking for Mortgage Lenders with Lower (Lowest) Lender Fees

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Looking for Mortgage Lenders with Lower (Lowest) Lender Fees

Tushar Desai
Member since 2024 · 6 posts · 0 votes

Was referred to few of them and they quoted me with some ridicuous 2000-2500-2600 lender fees. I just bought a property in Merced - California and I was able to happily get my entire mortgage process through with $1300 lender fees. The other third party fees are primarily constant but seeing these amount of lender fees seems a bit odd. Thanks in advance for your suggestions/recommendations. I am going to approach rocket mortgage too since they claim to have lowest lender fees - let's see 

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  • Nate HerndonPro Member
    Lender · Springfield, MO · Member since 2023 · 278 posts · 195 votes
    2y

    Hi @Tushar Desai - private lending is going to be more expensive than your conventional loan, but with the added benefit of closing in the name of your entity, avoiding personal income/taxes/debts being considered, and closing in a 30-year fixed term (the commercial programs with my banks locally only offer 5-year balloons).

    From a private DSCR loan, a 1.5-2 point origination should be expected, plus $1500-$2500 in underwriting/admin/legal fees.

    If conventional is the way you are looking to go, I'm sure Rocket Mortgage will be able to assist.

    [email protected]417-605-2196
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  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 692 posts · 237 votes
    2y

    Hi Tushar,

    If you are looking for lower fees, my team's lender fees are as follows: $395 underwriting, $395 processing, $60 technology fee.  I'm not sure what you are looking for specifically though to say whether we could possibly help.  You may find large companies will charge large fees to supplement their marketing spend.

    [email protected]734-645-7722
    Gold Star Mortgage Financial Group547 Reviews
    WebsiteView Page
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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Tushar Desai:

    Was referred to few of them and they quoted me with some ridicuous 2000-2500-2600 lender fees. I just bought a property in Merced - California and I was able to happily get my entire mortgage process through with $1300 lender fees. The other third party fees are primarily constant but seeing these amount of lender fees seems a bit odd. Thanks in advance for your suggestions/recommendations. I am going to approach rocket mortgage too since they claim to have lowest lender fees - let's see 


     What was the interest rate when you bought it 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 570 Reviews
    WebsiteView Page
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  • David ChungPro Member
    Lender · Orange County, CA · Member since 2017 · 56 posts · 14 votes
    2y
    Quote from @Tushar Desai:

    Was referred to few of them and they quoted me with some ridicuous 2000-2500-2600 lender fees. I just bought a property in Merced - California and I was able to happily get my entire mortgage process through with $1300 lender fees. The other third party fees are primarily constant but seeing these amount of lender fees seems a bit odd. Thanks in advance for your suggestions/recommendations. I am going to approach rocket mortgage too since they claim to have lowest lender fees - let's see 

    I agree with Nate, around $2000 is pretty typical in the private money space. If it was a conventional mortgage I can see how that would be a little high.  Even the guys who quote high can usually waive some of the fees to bring it down.
    [email protected]714-334-8110
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  • Tushar Desai
    OP
    Member since 2024 · 6 posts · 0 votes
    2y

    Thank you folks very much for your feedback

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