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House is in Fairfax County VA. Supposed to get $2190 of Escrow Back from Wells Fargo at Closing making total closing costs around 3000$. My mortgage guy said "I increased your payoff on your current loan by one full payment because the interest is paid one month behind. There is a chance this will come in lower which would decrease your cash to close. "
Below is GFE Thanks Guys.
TOTAL LOAN AMOUNT: 300,533.00
Interest Rate: 5.00% Term: 360 months
ESTIMATED CLOSING COSTS
801 loan origination fee 0 %
802. Loan Discount Fee : 0.375% $ 1, 127.00
804: Credit Report $ 25.00
810: Fraud Detection $10.00
812: Processing Fee $ 425.00
813: Underwriting Fee $ 395.00
815: Income Verif 4506T Fee $ 25.00
1101. Settlement/Closing Fee $ 295.00
1108: Title Insurance Premium/Search Fee to Title Company $1,339.00
1113. CPL Fee $ 25.00
1201: Recording Fees $ 50.00
1202: City/County Tax Stamps $ 249.44
1203: State Tax $ 740.23
1204: MERS fee $ 6.95
1304: Flood Certification $ 16.00
1305: Delivery Fee $ 29.00
1307: Wire Fee $ 30.00
Total Est. Closing Costs = $ 4,787.62
ESTIMATED PREPAID AND ESCROW COSTS
901: Per diem interest
3 Days @ $41.168904 $ 123.51
902: Mort. Ins. Prem $ 774.78
905: MIP/VA Funding Fee ($ 4,441.00)-financed
1001: Hazard Insurance 8 months @ $31.08 $ 248.64
1002: Mortgage Insurance 0.0 months @ 134.80 $ 00.00
1003: City Property Taxes 7 months @ 334.83 $ 2,343,81
1008: Aggregate Adjustment $ -31.00
TOTAL: 3,459.74
MONTHLY PAYMENT ESTIMATE
A. Principal and Interest $1,613.33
B. Taxes $ 334.83
C. Insurance $ 31.08
D. PMI/FHA Mortgage Insurance $ 134.80
TOTAL: 2,114.04
ESTIMATED SUMMARY OF YOUR FINANCES
A. Sales Price $ 00.00
B. Payoff/Refinance $ 297,450.00
C. Prepaids & Escrow Costs $ 2,6,84.96
D. Closing Costs $ 4,787.62
F. Other PMI $ 4,441.38
TOTAL: 309,363.96
MINUS:
Base Loan Amount: $296,092.00
Other PMI: $8,107.60
ESTIMATED CASH REQUIRED FOR SETTLEMENT $ 5,164.36
Fees are in line except that discount fee. they dont have to charge that to give you 5%
My guy is saying he works for a big federal bank and that is the best rate out there.I can get 5.375 with no fee. What do you think Shane?
Thanks
How long do you plan on staying in this loan?
Five years Minimum. DC area was stable compared to most of the country but I think we need some time to bounce back. The crash made the housing somewhat reasonable. I could be here a long time but at least 5 yrs. I plan on continuing to pay at least at my old payment rate maybe more which would add a payment plus every year.
You might be better off with 4.75 - 4.875% or so with 1% origination fee (no discount fee)
This will pay for itself over 5yrs with ease.
@wvumurray wrote:
Thanks Dallas. I am working with quicken and got 5% for no discount fee. They said i could get 4.75% with a buydown. Less fees tacked on as well. No U\W or processing fee.
do a search here for quicken.
some good and bad reviews.
your local mortgage company has the same rates as quicken as ""quicken processes your loan online and that costs less, uhm er i mean MORE.""