Fees.
If you aren’t careful, they will drive you insane.
Fees are something that no one likes to pay and yet, somehow there is a never-ending list of fees that you will be required to pay when buying or refinancing a house. Everyone likes to pick on mortgage guys about fees – but the truth is that crazy-whacked-out-insane-fees come from all different sorts of places.
Even though I realize that there are all kinds of fees and some of them are actually legitimate, I really, really, really enjoy making fun of them – and indirectly of the people who think these crazy things up.
One of my favorite “junk” fees is where occasionally, I will see a title company charge someone an “email delivery” fee of $25.
What I wouldn’t give to be able to charge even 25 cents — heck, even five cents – for every email I have to send or read.
Twenty five bucks?
For an email?
Oh, and title companies aren’t the only ones with fee-insanity. Just yesterday, I got a note that said Flagstar was going to begin charging a $50 “paper handling fee to help offset some of the costs associated with traditional closings.”
I suppose the price of paper went up recently. Or, maybe this is their way of launching the “Flagstar Green Initiative” or something.
Who knows.
But my favorite fee story of all time?
The PITA fee. That is where the client was such a PITA that the loan officer actually charged him a PITA fee of $2500. At closing, the escrow agent didn’t even blink an eye — just went through the fees and actually described the PITA fee as “normal”.
What is a PITA?
Pain In The A__.
Make sure you look twice at the fees you are being charged when buying or refinancing a house. And try to keep a sense of humor.
Arizona Mortgage Rates For July 10, 2009
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So if there can be a PITA fee… Could we ever see the implementation of the PTWW (Pleasure To Work With) discount?
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