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GFE Questions (Shane or Dallas) Please review!

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Anonymous
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GFE Questions (Shane or Dallas) Please review!

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.

 

 

GFE1

GFE2

Message Edited by CertPharmT15 on 03-26-2009 05:22 PM
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itsjustmeibe
Regular Contributor

Re: GFE Questions (Shane or Dallas) Please review!

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.

Message Edited by itsjustmeibe on 03-26-2009 06:38 PM
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ShanetheMortgageMan
Super Contributor

Re: GFE Questions (Shane or Dallas) Please review!

5.5% rate, $2k in broker fees, another $600 in processing... you are getting screeeeewed...
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