Save Money with the OneUnited Bank Waive Home Loan
OneUnited is waiving home loan fees. At OneUnited, we understand that buying a home is an expensive investment. In order to help you with your single family home mortgage, we have created the Waive Home Loan Program.
We are waiving those pesky home loan fees in an attempt to ease the financial burden of buying or refinancing a home. Home loan fees include appraisal, credit report, and origination fees. Discover how much the waive program could save you and your family – read on for descriptions of these fees and their average estimated costs.
- An Appraisal Fee – An appraiser evaluates a home and gathers information about the home’s square footage, number of bedrooms and bathrooms and any interior improvements. The appraisal is beneficial as it evaluates the current market value of a home. The bank or mortgage company then uses the appraisal to decide how much money they can approve. An appraisal fee can cost anywhere from $150 to $400 dollars or more.
- Credit Report Fee – Lenders need information on your credit behavior to assess your credit worthiness, which is why a credit report is utilized. Credit reports can cost from $15 to $55 dollars per credit report. If there is more than one borrower on the loan, the cost may increase.
- Loan Origination Fee – This can be a costly fee. It is the cost of creating and executing a home loan. Usually this fee is expressed as a percentage of the home loan amount. An average origination fee is about 1%, which means it is 1% of your home loan amount. If you home loan is $100,000 house, then your loan origination fee at 1% is $1,000. If your loan is $500,000, then your fee is $5,000 at the same rate of 1%. As a home loan amount increases, the origination fee will increase as well.
The OneUnited Waive Home Loan Program allows its customers to save thousands of dollars on their mortgage by waiving its home loan fees. The Waive program is for applicants purchasing or refinancing a single family home in California, Florida and Massachusetts between February 1 and December 31, 2014. If you think the OneUnited Waive Program is right for you, talk with a loan consultant or get a personal quote.