I learned a lot of lessons through this loan experience. Previously, I had only had VA loans, so I was very upfront about wanting to be walked through the parts of this loan process that were new to me. Unfortunately, I often felt like I had to ask questions after the fact rather than having the fees and process clearly explained upfront.
I was particularly disappointed by the number and amount of the various fees, including a $700 processing fee, $800 underwriting fee, $120 appraisal administration fee, $550 appraisal fee, $350 credit report fee, and $225 document preparation fee. I had been told that the seller would be covering most of the closing costs, so I was not expecting our total out-of-pocket fees to exceed approximately $4,300, even after accounting for prepaids.
I was also initially told that because I was putting a significant amount of money down, which I ultimately did, the appraisal fee COULD be waived. When that ultimately did not happen, I was surprised and disappointed. The appraisal itself also seemed to confirm what we already knew about the property, which made the overall cost feel particularly frustrating.
Another point that surprised me was seeing several of these charges categorized as "Services Borrower Did Not Shop For." These were fees I had specifically asked about when I was choosing Fairway, so I would have appreciated much more transparency about what these charges would ultimately be.
This is my third home loan over the years, and unfortunately, it was by far my least enjoyable loan experience. There were so many people involved that it was difficult to keep track of who was handling what, and I felt like I was occasionally asked to provide the same information or documents more than once.
Better communication and a more streamlined process would have made a significant difference.
That said, I would consider using the company again, but I would approach the process differently. I would ask far more questions in writing and make sure I had a detailed understanding of every fee and expense before proceeding. The mortgage process is never particularly fun, and I am certainly glad this one is over.
Overall, I appreciate the work that went into getting us to the closing table, and I am grateful that we ultimately made it to the finish line. I simply hope my experience can help improve transparency, communication, and expectations for future borrowers.
