If this calculator is being used in Northern Ohio most if not all of
the Cost Estimates in boxes 3-11 should be left to auto calculate.
In Box 1 you may wish to change the Misc Origination Fees (Processing,
Document Prep, Underwriting and Verifications) In general my Misc Fees
are about $1,000.00. Depending on your loan type this number might be
higher than it needs to be. Generally for Ohio mortgages, these
charges are greater than $1,000 and I have seen them as high as $1,500
and even heard of some above $2,000. In many cases the Misc Fees represent
a lenders fixed costs associated with a loan request. Other
lenders will have a higher misc fee telling you that you will pay no
points. Part of the logic or benefit of the New GFE Format
is all Origination Fees, Discount Points and Misc Fees are presented
as one total. Regardless of the name or title this assist
borrowers in comparing quotes. Please feel free to contact me if
you want an to know my Total Origination Fees against another Lenders.
I may not always have the best priced loan for you, however in many
cases I will. Make a call and see if I can save you money.
If you want to compare different rate & Closing
Cost options, you may wish to use this
Break Even Calculator, It allows
you to compare different Rate & Closing Cost options based upon how
long you expect to have the mortgage.
based upon your transaction. Some or the other fees can be
changed if needed.
Please add any lender Origination Fees, Discount
Points, Processing and Underwriting Fees to this calculator.