Mortgage refinancing advice?

by merfam

Question by Matt: Mortgage refinancing advice?
We are considering a refinance at a sub-prime lending rate of 9.1% fixed, 50-year mortgage. I’m told that when working with mortgage companies it is a good idea to get a couple different good faith estimates to see if there are any added line item charges that shouldn’t be there. Here are some of what they propose to charge us for. Should we question any of them?

Loan origination fee
Appraisal fee
Credit report
Admin & Underwriting fee
Flood cert fee
Tax service fee
Closing/escrow fee
Title insurance
Endorsements
Gov Serv
Title doc prep
Recording fees
Reconveyance fee
Hazzard insurance premium
Taxes and assessment reserves

With so many added fees, how can you tell which are supposed to be there and which are padding the broker?
If it is pure profit, how does one avoid paying the listed charges – don’t all mortgage companies need to make some profit?

Best answer:

Answer by girlwhoknowsitstrue
The only required ones are:
Credit Report (and you can ask to see the exact bill so they don’t pad it)
floor cert
title insurance (ask to see the bill)
recording fees
hazard insurance
taxes and assessment reserves

everything else is pure profit for the mortgage company.

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