Summit Mortgage Corporation
In business 8 years
Loan product 30 year fixed (VA)
Interest rate 3.250%
APR 3.311%
Payment (P&I) $3,373
Loan amount $775,000
Down payment $25,000
More
Total Fees$6,443
Lender Fees *Third party fees may not be included.
Loan origination fee $1,645
Appraisal fee $450
Credit report fee $30
Lender Credit -$12,345

http://www.zillow.com/profile/Summit-Mortgage-Corp/Reviews/

We got our loan through Patrick Gardner. We would highly recommend him as we had got VA loan at a great rate and absolutely no closing costs except The VA funding fee.

http://www.patrick-gardner.com/

Would anyone mind sharing which lender they used to get such a loan (no origination fee / credit back at closing)? I understand the deal with the VA funding fee and we don't mind rolling that into the total (we consider it cheaper money than using cash for down payment). However, I'm interested in what banks others are using since PFCU (which is highly rated by consumer groups?!?) seems to be a rip off in this instance.

Sorryy.pp. a fee could NOT be waived.

Yes, complete rip off. Our purchase price was much higher but we actually received a huge credit and $0 origination fees. Of course the VA lending fee could to be waived.

Anonymous wrote:rip off, va loan doesn't have points to get to the lowest rates. We got a va loan without any origination fees, no points and a credit of 4k.

From which bank / lender?

rip off, va loan doesn't have points to get to the lowest rates. We got a va loan without any origination fees, no points and a credit of 4k.

Wow, that is really disappointing. But I would definitely question them on it.

Anonymous wrote:PP here, that actually seems like a little over 1 point, like 1.25 points. I would ask them why you couldn't get a no points loan.

That's the thing, it's supposed to be a zero points loan. I think the other PP nailed it, they're just expensive lenders. We're going to have to do some more research. It's too bad, really, because our current mortgage is with them and you'd think they'd want to keep our business...

PP here, that actually seems like a little over 1 point, like 1.25 points. I would ask them why you couldn't get a no points loan.

It is called profit! That makes them an expensive lender. While they might offer you attractive rates, those rates ain't free. Shop around.

I would absolutely ask them to explain what that charge is. It is way beyond the norm. Maybe it is something other than just an origination fee.

Yes - this is the estimate we received after applying:

Cash Summary:
Purchase Price $500,000.00
Pentagon Federal Credit Union's origination charge $5,230.00
Your charge for this interest rate $0.00
Required services we select $16,931.00
Appraisal Fee $350.00
Credit Report $15.00
Flood Certification Fee $7.00
Tax Service Fee $59.00
VA Funding Fee $16,500.00
Title services and lender's title insurance $2,271.00
Owner's title insurance $1,800.00
Government recording charges $175.00
Transfer taxes $4,250.00
Initial escrow deposit $2,166.68
Homeowners insurance $1,250.04
Hazard Insurance Premium $1,250.04
Your new loan amount ($516,500.00)
Estimated Cash Required at Closing $17,573.72


I also think the hazard insurance may be a bit high but I understand it's just an estimate.

They want to charge $5200 as an origination fee?? Are you sure? That doesn't seem right.

An origination fee is not the same as a point. I think of it as an admin fee they charge to do the work on the loan. My lender charged about $900 but we got a credit back for nearly all of that.

I'd ask our bank but I'm afraid of being sold some B.S. Are origination fees the same as points? Are there banks who DON'T charge origination fees? PFCU wants to charge an additional $5200 (on a $500K house) on top of the VA funding fee that we'll be paying. Seems like a lot...