Bank told me I'd save $200/month but my broker kept it real

Last month I sat down with a bank loan officer at Wells Fargo in Dallas who swore their refi rates would cut my mortgage by $200 a month. I ran the numbers later with my broker, and he pointed out the bank was hiding a 2% origination fee and a prepayment penalty that would have cost me more in the long run. The bank guy just smiled and pushed papers, while the broker took 20 minutes to explain the fine print. Has anyone else caught a bank hiding fees like that during a rate quote?

2 comments

2 Comments

garcia.casey21d ago

So are you saying brokers are just as likely to hide fees, or did your guy actually show you the full breakdown without you having to dig for it?

miab1621d ago

Broker fees aren't automatically better though lol. Some brokers tack on their own junk fees that look small but add up fast. Your guy sounds solid but a 2% origination fee is pretty standard for banks not some shady hidden thing.