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Does anybody have experience with Box Home Loans?

Got a pre-approval from them and they charge basically nothing in lender fees.

Agent explained that Box is a high-volume, low-margin business. Obviously they make their money reselling the loan.

No processing/underwriting/junk/misc fees.

The only fees I would be looking at are an appraisal, and third party fees for the title.

The interest rate was competitive as well.

Am I going to have a hard time getting an accepted offer in a competitive market with an online lender like Box?

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Here is the breakdown of closing costs (excluding prepaid reserves) for a 560k loan.

What am I missing here? It seems too good to be true. The agent was responsive, and said not to expect any surprise fees once under contract.

Box is based out of Utah, and I am on the other side of the country.

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Box Home Loan Charges

Processing Fee $150.00

Third Party Charges

Appraisal Fee $525.00

Credit Report $26.00

Title - Closing Protection Letter (Lender) $125.00

Title - Endorsements (100) $50.00

Title - Endorsements (300) $50.00

Title - Endorsements (900) $50.00

Title - Lender's Title Insurance $2,583.57

Title - Settlement Fee $495.00

The Government's Cut $172.00

Recording Fee--Mortgage $172.00

submitted by /u/raji4858
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/tnmx3f/does_anybody_have_experience_with_box_home_loans/
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