Is the “administrative fee” closing cost on an FHA loan a junk fee?
I recieved a good faith estimate for a first time buyer FHA loan. Is the admin fee a junk fee?
The loan amount is approx. $275k
Origination fee: $2700
Admin fee: $495
Doc prep fee: $100
Warehouse fee: $25 <— what is this??
Total closing + title + prepaid items such as PMI, etc: $16,600
Is the total cost of all fees + prepaid items too high?
Tags: administrative, closing, Cost, junk, Loan
2011/11/20 at 21:28:18
ALL the fees you list are ‘junk fees’ in my book. Ask the lender EXACTLY what each fee is for. If you don’t understand the answer, it IS a junk fee.