It has been accepted for inclusion in Faculty Publications, Department of Child, Youth, and Family Studies by an authorized. administrator of DigitalCommons@University of Nebraska - Lincoln. Miller, Richard B. and Hollist, Cody S., Attrition Bias (2007).Faculty Publications, Department of Child, Youth, and Family Studies.
The average loan origination fee will be 0.5 to 2% of the loan amount, if expressed in points. It is charged by mortgage brokers for processing and closing your mortgage. Sometimes title fees, escrow, appraisal and other fees will be zeroed, but the loan origination fee will be inflated and high above the average. If that is the case, your loan origination fee will not be tax deductible.
According to the U.S. Census Bureau, the average price for a new home sold in the United States in 2009 was $270,900. But that's not the amount you'll borrow. You usually pay some money up front---a down payment. You may have $100,000 to use for a down payment, so your mortgage payment will be based on borrowing $170,900.