GFE Help....Advice Appreciated

[Anonymous]

DallasLoanGuy recommended that I get "trusted advice" on my GFE so here it is...advice appreciated:

Loan amount: $189,494

Interest rate (estimated): 5.375%

FHA 30-year Loan

Please note: Amounts in red text paid by Seller/Builder:

0801  Origination Fee           $ 1,862.35

0803  Appraisal Fee              $  375.00

0804  Credit Report               $  16.00

0809  Flood Cert Fee             $  15.00

0810  MERS Fee                    $   6.95

0812  Tax Serv Contract        $  58.00

0815  Underwriting Fee          $ 250.00

0817  Application Fee              $  200.00

0818  Final Inspection Fee     $   75.00

0819  Processing Fee              $  275.00

0824  Overnight/Courier Fee   $  30.00

0832  Good Funds Fee           $   23.00

0901  15 days Interest              $ 418.50

0903  Hazazrd Ins. Prem.         $  805.00

0905  FHA Up-Front Ins.           $ 3,259.11

1001  Hazazrd Ins.                   $  201.25

1004  County Taxes                 $  839.50

1101  Settlement Fee             $ 150.00

1105  Document Prep.            $  95.00

1107  Attorney's Fee              $  75.00

1109 Lender's Coverage          $  120.00

1110  Owner's Coverage          $ 1,929.90

1113  Title Policy Endorse       $  135.00

1201  Recording Fee               $  108.00

1204  Tax Transfer Fee            $  38.37

1301  Survey (Seller's portion)  $  292.33

1301 Survey (Buyer's portion)      $  157.67

1307  HOA Capital Contr            $  525.00

1308  HOA Dues                       $118.75

Total paid by buyer/me:       $6,524.78

Total paid by seller/builder  $5,929.90

Thanks in advance.

[Anonymous]

I posted my lender and closing fees to give a comparison.  Don't know if you are getting hosed or if my lender might pull a bait and switch on me.  But this is the GFE my lender gave to me.  

802 $ 3,125.02 *Loan Discount
803 $ 400.00 Appraisal, $400.00 (POC)

 804 $ 16.50 Credit Report
811 $ 15.50 *Flood Certification Fee
1101 $ 600.00 *Settlement or Closing Fee
1108 $ 645.37 Title Insurance
1111 $ 75.00 Endorsements
1201 $ 200.00 Recording fees
1203 $ 4.95 State Tax Stamps
1204 $ 6.95 *MERS Fee

Total $5090

901 $ 599.32 *Interest for 14 day(s) @ $42.8085 per day
903 $ 800.00 Hazard Insurance Premium
1001 $ 200.01 Hazard Insurance reserves for 3 payment(s) @ $66.67
1004 $ 1,220.12 County property tax reserves for 4 payment(s) @ $305.03
1012 $ -308.88 Aggregate adjustment

Total $2510

Toal closing $7600

My homehowners insurance is actually $533 a month so I don't understand why it's at $800.  And the seller is paying the title and title insurance and escrow fees so I'm sure that will be deducted from the loan.  

[Anonymous]

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@Anonymous wrote:

DallasLoanGuy recommended that I get "trusted advice" on my GFE so here it is...advice appreciated:

Loan amount: $189,494

Interest rate (estimated): 5.375%

FHA 30-year Loan

Please note: Amounts in red text paid by Seller/Builder:

0801  Origination Fee           $ 1,862.35

0803  Appraisal Fee              $  375.00

0804  Credit Report               $  16.00

0809  Flood Cert Fee             $  15.00

0810  MERS Fee                    $   6.95

0812  Tax Serv Contract        $  58.00

0815  Underwriting Fee          $ 250.00

0817  Application Fee              $  200.00

0818  Final Inspection Fee     $   75.00

0819  Processing Fee              $  275.00

0824  Overnight/Courier Fee   $  30.00

0832  Good Funds Fee           $   23.00

0901  15 days Interest              $ 418.50

0903  Hazazrd Ins. Prem.         $  805.00

0905  FHA Up-Front Ins.           $ 3,259.11

1001  Hazazrd Ins.                   $  201.25

1004  County Taxes                 $  839.50

1101  Settlement Fee             $ 150.00

1105  Document Prep.            $  95.00

1107  Attorney's Fee              $  75.00

1109 Lender's Coverage          $  120.00

1110  Owner's Coverage          $ 1,929.90

1113  Title Policy Endorse       $  135.00

1201  Recording Fee               $  108.00

1204  Tax Transfer Fee            $  38.37

1301  Survey (Seller's portion)  $  292.33

1301 Survey (Buyer's portion)      $  157.67

1307  HOA Capital Contr            $  525.00

1308  HOA Dues                       $118.75

Total paid by buyer/me:       $6,524.78

Total paid by seller/builder  $5,929.90

Thanks in advance.

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Seems like to me that there are a good chunk of junk fees.  

0812  Tax Serv Contract        $  58.00

0815  Underwriting Fee          $ 250.00

0817  Application Fee              $  200.00

0818  Final Inspection Fee     $   75.00

0819  Processing Fee              $  275.00

0824  Overnight/Courier Fee   $  30.00

0832  Good Funds Fee           $   23.00

1107  Attorney's Fee              $  75.00

1109 Lender's Coverage          $  120.00

1110  Owner's Coverage          $ 1,929.90

Don't know about your states laws and what not but all these appear to be junk fees and should be taken off.  Someone is really padding that loan and is making a mint on top of the commision.  Even though the seller is paying most of that if that were to be knocked off you can have the seller credit that to you so you can save more money.  

Message Edited by mystikdragon7 on 05-20-2009 02:29 PM

[DallasLoanGuy]

fees in the 800s section(those controlled by the lender) are very reasonable.

builder is paying 5929 - the over 4000 rebate they get for charging you that rate. so hey are only paying less than 2000

 if you add in the title policy which is normally paid for by seller anyway.... they are paying zero of your costs and you are saddled with an inflated rate.

[Anonymous]

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@DallasLoanGuy wrote:

fees in the 800s section(those controlled by the lender) are very reasonable.

builder is paying 5929 - the over 4000 rebate they get for charging you that rate. so hey are only paying less than 2000

 if you add in the title policy which is normally paid for by seller anyway.... they are paying zero of your costs and you are saddled with an inflated rate.

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Great input, thanks Dallas.