Broker Fees: Golden State Home Loans negotiates only one flat fee on a case by case basis. Some of the criteria that go into the determination of our fees are: loan amount, credit history, documentation type, borrower participation, and closing time frame. typical fees are as follows:
Origination Fee: While typically 1% of the loan amount, larger loans will be charged less and smaller loans will be charged more. This fee is always negotiated on a case-by-case basis. Your satisfaction with our service is what is most important.
Processing Fee: The fee is $595. Steve manages and oversees the processing of all loans which guarantees direct access to the lender at all times. This eliminates costly and time-delaying mistakes that can hold up closing the loan as soon as possible.
Lender Fees: Wholesale lenders charge fees to underwrite the file, prepare the loan docs and fund the loan. These typically include the tax service fee and the flood certification fee. This fees varies from lender to lender, but rarely exceeds $995.
Appraisal Fee: Golden State Home Loans always credits you for the appraisal up to $350. after close of escrow. Golden State Home Loans contracts with a local (San Francisco Bay Area) Appraiser who provides timely and professional appraisals for below market fees. Ranges between $300-$600 depending on the purchase price of the home. Customers are free to shop for their own appraiser. If out of the area, or out-of-state, we can recommend a company if the customer wishes.
Yield Spread Premium: YSP, or the "rebate" that the bank pays brokers and loan officers to increase the wholesale rate to the borrower. While Golden State Home Loans always recommends paying the origination fee upfront to receive the LOWEST COST of borrowing, the customer has the option to use the Yield Spread Premium to pay for the origination fee to keep upfront costs lower. This is worked out on a case-by-case basis with the customer to determine if it makes more sense to pay the origination fee, use the Yield Spread Premium, or a combination of the two.