Broker Fees: TBO Mortgage, LLC does not charge a broker fee.
Origination Fee: TBO Mortgage, LLC will negotiate an origination fee on a case by case basis. This will be determined taking into consideration the following items: Loan amount, credit history, documentation type, closing time frame and customer participation. The fee will typically be less than 1%.
Processing Fee: This fee is typically $ 395. This fee will be absorbed by TBO Mortgage, LLC as part of the origination fee.
Lender Fees: The Lender will typically charge a fee for underwriting, tax service, document preparation and flood zone determination. These fees vary be lender and usually fall into a range of $ 600 to $ 800.
Appraisal Fee: Appraisal fees can run from $ 250 to $ 400 depending on the type of appraisal required by the lender. Investment and more complex appraisals can run higher.
Yield Spread Premium: This is a fee that is paid by the Lender to the Broker when an above market interest rate is charged to the customer. This fee can be used in some circumstances to offset part of the closing costs of the customer. It can also be used in lieu of being charged an origination fee. Any loans that result in a payment of yield spread premium to TBO Mortgage, LLC will be fully disclosed to the customer at the time of rate lock.