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Hey guys, I love coming here and reading everyones posts and learning so much from all of you. I think my turn has come to ask some questions. I wanted to get opionions on this GFE. We are planning on purchasing a home and don't have a home in mind yet. We are trying to get pre-approved with my broker and he e-mailed me today saying this would be my GFE. He said everything looked good as far as pre-approval just need to send him "physical documentation" and we're good to go. Our credit scores are not stellar, just barely made it. Mid score was 631. I would love some advice and opinions!
From what I can tell, Shane and Dallas are the gurus around here! Thanks in advance guys...
BTW...Has anyone heard of First Nations? I think that's who the loan is through but not 100% sure.
Although I am straining to see, I think I see fees of $2000 to broker, $595 processing & $695 underwriting. These fees are excessive. My GFE has 1 fee, $495, and my broker has told me that is his fee.
Do a search on the forum on JUNK FEES. There is a pretty extensive report by one of the mortgage guys explaining everything.
Edited to add, I also don't see any monthly mortgage insurance included here, and I'm pretty sure you have to pay it. Your payment will be higher than $980.