Question from Consumer

Anonymous said...
Hi Ameen,

I just started working with a mortgage company the does mostly sub-prime lending, the problem I have is the amount of fees charged by the broker and then again by the lender. How do they justify the fees for people just because they have lower scores? I was going to do my loan which is 680 + but the fees are making me reconsider. $5,000 for a simple refinance.

It all depends on what you can negotitate. 680 is not that bad as a credit score. Have your been to any other mortgage company?

If the loan is harder to do, and takes longer, they deserve to be compensated. Information is power. And they know the lender that will do the loan, so that is their power.