No Mortgage Origination Fees? Here’s the Catch | Town & Country Credit Union

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Town & Country Credit Union

Town & Country Credit Union

Offices Closed Friday, July 3 and Saturday, July 4, 2020

Our offices will be closed on Friday, July 3 and Saturday, July 4, in observance of Independence Day. This will include all locations as well as our contact center. Additionally, incoming wires and checks deposited using mobile deposit capture on Friday will not be deposited into accounts until Monday, July 6.

COVID-19 Update

Our lobbies are now open, with the exception of our Fargo Sanford location which will remain temporarily closed due to visitor restrictions at the Sanford Broadway Medical Center.

We're asking you to join us in taking precautions to help keep all of us healthy:

  1. Use the hand sanitizer that's available near the entrance.
  2. Maintain a 6-foot distance whenever possible. Stickers have been installed on the floor for you to stand on while waiting in line.
  3. Plexiglass germ guards have been installed on our teller lines. Please stand behind them while conducting your business.
  4. Masks are allowed, but not required in our branches. If you do choose to wear a mask, we ask that you do not wear anything else that would obstruct the view of your face such as a baseball cap, sunglasses or a hood.
  5. Do not come in if you’re feeling sick. Give us a call or access your account online to conduct your business.
  6. If you need to meet with an account opener or loan officer, call us to make an appointment by calling 1-800-872-6358. When you get to the branch, wait in your car until your scheduled appointment time.

We’re looking forward to serving you in our branches, but also understand that some of you may prefer a no-contact method of conducting business. You can still open an account or apply for a loan online, access your accounts through TCCU Online and our mobile app, or give us a call to make a transfer, loan payment or more. 

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No Mortgage Origination Fees? Here’s the Catch

No Origination Fee? What's the Catch?By Lisa Thuner, Executive Mortgage Officer

What is an origination fee? A mortgage loan origination fee generally covers the costs of preparing loan documents, underwriting the loan and processing the application. Typically, the origination fee will be about 1 percent of the total loan amount.

Lower or no origination fees = higher interest rates

You may have seen “no origination fee” advertised by mortgage lenders. No fee sounds awesome, right? However, it’s not quite that simple.

While it is possible to negotiate a lower origination fee or avoid one altogether, the catch is that the most common way to do so is to agree to a higher interest rate in return. Depending on how long you plan to live in your home, this may not be the best option for you. The longer you live in your home and hang on to your mortgage, the more it will benefit you to pay the origination fee and take the lower interest rate.  If you plan to only live in the home for 2-3 years, then it might make financial sense to take a slightly higher rate and to not pay the origination fee upfront. 

Want some help figuring out which option is best? Our experienced loan officers can meet with you to determine the best path for you that will save you money in the long run. Buying a home is one of your biggest life decisions. You should be educated on what is right for you. Request a free consultation here or find a mortgage officer near you today by clicking the button below.