Corinthian Capital Group
30 W. Railroad Avenue
Jamesburg, NJ 08831
Tel. (732) 521-5253
Fax (732) 348-9597

President - Jamesburg-Monroe Regional Chamber of Commerce

Interest Rates & Fees

Any mortgage rate is supported by 3 main considerations:

	Credit - the borrower's credit history (experience with various types of credit and how timely the required payments were made).
	Collateral - the value of the collateral (usually the home being purchased/refinanced).
	Capacity - the borrower's ability to repay the loan.

Typically, advertised mortgage rates are those available to borrowers and properties that meet numerous conditions associated with the considerations shown above.

Equally important as the rate is the cost of the rate. In other words, while two (2) different mortgage sources offer a 30-year fixed mortgage at 7.0%, one source may have higher fees than the other. We recommend getting written Good Faith Estimates (GFE) for mortgage loan program comparison purposes. A GFE will contain the interest rate and all the associated fees.

Another reason this is a good idea is that the fees presented on the GFE are fees from all of the other professional services involved in obtaining a mortgage, not just the fees of the mortgage company you are speaking to on the telephone. (If you ask, "What are your fees?", they may tell you truthfully what their fees are, but not what other fees are involved. ) You may also want to get a copy of HUD's booklet on Settlement Costs for an explanation of all the fees that may apply. We will send you one on request (no cost or obligation).

And remember to request written GFEs before deciding on a mortgage company.

Wondering why don't we publish interest rates on this site?

Fees

Here's some semi-specific fee information to help you know what to expect. Your actual fees will vary so you must rely on your good faith estimate.

Corinthian Capital Group's Fees:

Application Fee: $295 for single-family, owner-occupied mortgages. $495 for multi-family and investor properties. Our application fee comes with a money back guarantee so we often do not request that it be paid until closing.

Origination Fee/Discount Points/Broker Fee: The lenders whose loan products we distribute provide their loan products to us at a wholesale rate. The retail price we offer you, your interest rate, total points, and fees, will include our compensation. We will be paid all of our compensation by either you or the lender. Alternatively, we may be paid a portion of our compensation by both you and the lender. As you can see, the dollar amount of this fee can vary quite a bit and it could be as low as $0.00 for a 0-point mortgage. Because of wholesale pricing, not all loan programs have a 0-point option. Remember that the higher this fee is, the lower your Interest Rate; the lower this fee, the higher your Interest Rate.

Funding Source Fees:

We have access to literally hundreds of funding programs from many different sources with a mind-numbing array of fee structures. On average, you can expect total funding source fees to be anywhere from $500 - $900, with about $750 being 'average'. These fees include items like Tax Service fee, Flood Cert. fee, and Commitment fee.

Appraisal Fee:

Typically about $300.00 for homes valued less than $450,000; and $500.00 for homes valued from $450,000.00 up to $1,000,000. For homes valued over $1,000,000 the appraisals will cost in excess of $900.00.

Title Work:

There can be many title-related activities and fees such as title search, examination, insurance, and document preparation. The title insurance fee will vary quite a bit depending on whether the mortgage is a refinance or a purchase. Direct Title has a Title Cost Calculator on their web site. It is located in the left hand column. The Settlement, or Closing, fee is usually grouped with the title charges. This fee can vary depending on the closing agent (your attorney or the title company). Your attorney or closing agent can give you the closest estimate for these fees.

Pre-Pays and Reserves/Escrow:

This category includes items such as Interest payments from day of closing until the end of the month, Hazard Insurance, Mortgage Insurance Premiums, and Taxes. Pre-pays are those items which are pre-paid up front while Reserves/Escrow funds are collected in anticipation of a future dispersal. For example, Hazard Insurance (Homeowners Ins.) must be purchased for the first year (pre-paid). In addition, about 3 months worth of premiums will be collected and deposited into your escrow account. As you make each monthly mortgage payment, the Hazard Insurance portion will be deposited into your escrow account. At the end of the first year, the funds in the escrow account will be used to pay the next year's Insurance premium.

Many of these items are tough to estimate because they are dependent on knowing the date of closing with respect to the day of the month as well as the month of the year. The tax payment schedule also needs to be known. We may estimate high on these items early in the process and then fine tune it as we get more information. Your attorney or closing agent can give you the closest estimate for these fees.

As mentioned earlier, your actual fees will vary so you must rely on a good faith estimate.