80/15/5 And Lawyer Fees
So I am doing the 80/15/5 and my lawyer is giving me two seperate bills one for each loan. I personally think it is a crock of $%$. His total cost is now 1050 instead of 775.
Any info on this guys
Thanks
Bump for help. I close at 3:30 today.
interesting. are the 80 and 15 same bank ?
They are the same bank.
HOw do you spell attorney?
G R E E D Y
or
F O R C E D S E L F - E N R I C H M E N T
Sounds like he's got you cornered, not sure what you can do... Best, Dave
Did the attorney broker the deal with the bank?
Hi all,
I'm new and trying to keep up. What's the 80/15/5?
Thanks,
NChurch
fixed mortgage/heloc/downpayment
80 15 5
heloc is home equity line of credit
It is a way to avoid pmi
That's unfortunate, but that's the way attorney's work... They see an extra step in the process, another document to look over and all they see is $$$ covering their eyes...
Good Luck!
[addsig]
two loans equal two attorney fees, two recording costs, two title insurance fees. If you are doing two loans then expect double fees, of course the second fee should not be as expensive as the first.
The attorney is not ripping you off - you are paying for two seperate loans so get over it.
This is my second heloc and first time I was charged. [ Edited by classimg on Date 10/01/2004 ]
find a new broker then, on some helocs lenders will pay for the closing costs but then charge more margin. Either way Marty your gonna pay it.
I know I am paying but he is a family friend and I wanted to know if it was normal.
Just make sure the margin over prime isnt more than 2 % - if you have good credit. I would be more concerned about that than an extra 275 bux closing costs, unless of course you wont have the heloc for very long. If its a short term heloc restructure the deal for a higher margin.
It is very standard. We are mortgage broker. We don't charge anything for the 2nd mortgage or heloc if it is done with the 1st mortgage or for stand alone Heloc with no closing cost. Unless if it is no closing cost heloc, you will be charged by the lender and the attoney's office. The attorney usually charges a little less than the first mortgage, but you have to understand they have to do double the paper work. (document handing, recording, title insurance ect. ) I don't think it is fair for you to ask them to do double the work for fee.
This is probably a common practice in your area. The extra few dollars will not damage you.
Fees can be charged for both loans. Some backs require title insurance on both loans and seperate info even if 1st and 2nd are at the same bank. I think what you stated is a reasonable fee
Most of the time the 2nd mortgage is more complex than the 1st
Lori
[addsig]
sounds about right. There s probaly a double title fee.