I recently remortgaged my property in Singapore.  Straight forward and free from legal fees which the bank I borrowed from duly paid, that was the deal.  But wait for this, the bank I transferred to charged me 35 UK pounds for sending the funds to the solicitor, the solicitor then charged another £35 for sending the funds to the previous lender, and there was around £300 left from the overall sum, to which they charged me another £35 to send me this money.

That's a fee free mortgage for ya.

This is very common, at least in the US for junk or sometimes called garbage fees. There are also known as origination fees. Many of the subprime loans were supposedly no cost loans which would have these junk fees attached which sometimes amounted to $2000 or more. Another way for the predatory lenders to boost their profit. However, even most  "legit" banks and brokers add these fees in varying amounts.

rincondog wrote:

This is very common, at least in the US for junk or sometimes called garbage fees. There are also known as origination fees. Many of the subprime loans were supposedly no cost loans which would have these junk fees attached which sometimes amounted to $2000 or more. Another way for the predatory lenders to boost their profit. However, even most  "legit" banks and brokers add these fees in varying amounts.

Sigh!
There are so many errors in your post I do not even know where to begin.....
First, you are discussing USA fees with someone closing a loan in another country and are irrelevant. Second, if he cares at all about USA settlement costs (which I doubt) your statement that origination fees equal junk/garbage fees is totally inacurate. An origination fee or loan fee is a fee paid to a bank to make the loan and is also know as a discount fee or discount points in some places (but they are the same thing.....even if someone explained them to you as seperate items like buying down your interest rate!). The IRS lets you usually deduct these fees as pre-paid interest but junk fees you can't deduct! They are totally different!
Also, most subrime loans were not "no cost loans" and as a matter of fact they had actually the highest fees both junk fees and origination fees.
Also, wire charges are not and never have been a junk fee. They are legit, usually.
I'd suggest not posting things you do not understand but that would negate most of the posts on this board......

homintern is on your IGNORE list.

WhiteDesire wrote:

I recently remortgaged my property in Singapore

With the GBP/SGD exchange rate at a 6-year low and Singapore property prices tumbling from a 7-year high spike in early 2008, you certainly must have big balls to be dabbling in the local market. Whose your financial advisor?

Topjohn:

Quote:

First, you are discussing USA fees with someone closing a loan in another country

Read my post:

Quote:

This is very common, at least in the US

Many subprime loans were represented to buyers as no cost loans, however, in fact they were not. That is why Countrywide now BofA settled a lawsuit brought by several states for predatory lending for 8.7 billion.

Origination fees are more than discount points. Since  each state is different stick to  whatever place you are from, asswipe.

You should just stick to asking what you should wear in Thailand. If you can't do that on your own don't try giving financial advice.

Read something:

Quote:

In my view, fixed-dollar fees and origination fees are “junk” for reasons other than being over-priced, though many are overpriced.

Full article:http://www.mtgprofessor.com/A%20-%20Settlement%20Costs/what_are_junk_fees1.htm

rincondog wrote:

Read something:

Quote:

In my view, fixed-dollar fees and origination fees are “junk” for reasons other than being over-priced, though many are overpriced.

Full article:http://www.mtgprofessor.com/A%20-%20Settlement%20Costs/what_are_junk_fees1.htm

I'll leave you and the Mortgage Professor to your "views" and I'll stick with HMDA, RESPA and Fair Lending laws enacted by congress which are the same in every state......

Sen Yai wrote:

WhiteDesire wrote:

I recently remortgaged my property in Singapore

With the GBP/SGD exchange rate at a 6-year low and Singapore property prices tumbling from a 7-year high spike in early 2008, you certainly must have big balls to be dabbling in the local market. Whose your financial advisor?

I haven't said anything about buying a property, I "remortgaged".  I've had the property a while now.



Last edited by WhiteDesire on Thu 9 Oct, 2008 1:22 pm; edited 1 time in total

homintern wrote:

topjohn5 wrote:

I'd suggest not posting things you do not understand but that would negate most of the posts on this board......

And all of the posts from WhiteDesire  

You haven't read ALL of the topic Hom obviously!!

WhiteDesire wrote:

Sen Yai wrote:

WhiteDesire wrote:

I recently remortgaged my property in Singapore

With the GBP/SGD exchange rate at a 6-year low and Singapore property prices tumbling from a 7-year high spike in early 2008, you certainly must have big balls to be dabbling in the local market. Who's your financial advisor?

I haven't said anything about buying a property  

Yes, I noticed that - and neither did I. However, I did assume that you were adjusting your equity balance in some way which, given the current exchange rates and plunging property prices, would take some courage.

homintern is on your IGNORE list.

"interest only" and "repayment" type mortgages, the latter not being linked to some kind of investment - mine is repayment.  I remortgaged to around 25% of the total value of the property.

homintern is on your IGNORE list.

look I've been able to avoid these bank fees for years..just don't have any money in the bank.