Mortgage Fees

I paid a total of $3385, which was the equivalent of 1 "point" on my current loan. There were no other fees paid to the loan officer outside of the 1 point fee, based upon 1% of the total loan amount.

For the quality of service that I received, this was a fantastic price. Part of the reason the fee that I paid was so low was because I received a special first-time home buyer loan which imposed a 1 point loan fee as part of the program. In the loan industry, usually you have to "buy down" your interest rate by paying more money up front, which they call "points". In this case, I got a below market rate loan, which if a normal person wanted the same rate that I got, they would have had to pay close to $15,000, I got it for $3385. This was all due to the limited loan fee as a part of the first-time home buyer program I purchased my home through.

There are many first-time home buyer programs out there, especially if you live in a high cost area such as California or many major metropolitan areas. So I would suggest to anyone looking to buy their first home to do a lot of research and see what first time home buyer resources are out there for your area.