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1st Time Buying, Does This GFE look Good?

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Anonymous
Not applicable

1st Time Buying, Does This GFE look Good?

$170,000 purchase price- loan amount $166,920-  $2000 earnest money deposited - 3.5% down with seller paying $5100 closing costs.  Please tell me what you think, I have no idea.

 

801 Loan Origination Fee               1640.50

803 Appraisal Fee                           400.00  (paid today with personal check)

804 Credit Report                              25.00 (paid $29.50 in April with personal check)

809 Tax Related Service                    79.00  (what is this?)

810 Processing Fee                         675.00

811 Underwriting Fee                       875.00

812 Wire Transfer Fee                       20.00

 

1101 Closing/Escrow Fee                 450.00

1105 doc Prep Fee                          100.00

1106 Notary Fee                              150.00

1108 Title Insurance                         600.00

 

1201 Recording Fees                        150.00

 

901 Interest           10 dys@ 25.1523 251.52

902 Mtg Ins Prem                           2870.88

903 Hazard Ins Prem                        656.16

 

1001 Hazard Ins Prem          3mth@54.68  164.04 (this wasnt included in 903?)

1002 Mtg Ins Prem Reserves mnths@75.19 blank

1004 Taxes & Asses Resrvs 7mths@77.08 1239.56

 

Total Estimated Settlement Charges $10,381.66

 

 

 

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: 1st Time Buying, Does This GFE look Good?

And the rate is 5.5%
Message 2 of 5
BrianB_The_Loan_Professor
Valued Contributor

Re: 1st Time Buying, Does This GFE look Good?

That rate looks a little high to have any points with this loan amount

I would either try to get the rate down to 5.25% or lower or ask for the point to be taken off

If they wont I would get a second opinion

 

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 3 of 5
Anonymous
Not applicable

Re: 1st Time Buying, Does This GFE look Good?

Which part of the GFE is telling you they are charging for an extra point?
Message 4 of 5
Anonymous
Not applicable

Re: 1st Time Buying, Does This GFE look Good?

Line 801
Message 5 of 5
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