Legal Question in Real Estate Law in Michigan

Re: mortgage fees michigan

That is what brokers call "points," and how the broker or loan officer often gets paid. How many points are charged often have to do with interest rates (higher with no points, lower with points), and other factors. Sometimes you can get the points lowered or eliminated by shopping around and getting the broker to engage in some healthy competition.

Re: mortgage fees michigan

To my knowledge loan origination fees are customary, however, the percentage rate should be negotiable. Ask your lender pointedly, how much they are making off of you. I once had a broker tell me his fee was $8000 on a $220,000 loan and I said NO WAY. He then brought it down to $4000 and I still said NO WAY, and we ended up settling on a much lower price.