GFE Review

[eddymvp]

I just got my GFE today from the lender after signing 20+ forms.

This is what they gave me.

Im getting a FHA 5.5% 30 year loan for a home that cost 220,000.....Im putting 3.5% down and seller putting 5,917 towards closing cost.

803 Appraisal Fee 475.00

804 Credit Report 50.00

808A Morgage Broker Fee @ 1.000%+ 2160.15

809A Tax Service Fee 65.00

810A Processing Fee 350.00

813A Flood Cert. Fee to Franklin Ameri 8.00

814A Courier/Overnight Fee to ATTY. 50.00

815A Wire Fee to Franklin American 25.00

816A Admin Fee to Franklin American 595.00

817A Property Inspection Waiver Fee 50.00

824 Yield Spread Premium to Interate Mortgage 2.000% $4,320.30

901A Prepaid Interest 19 days @ 33.0023 $627.04

902A Mortgage Insurance Premium 3,715.25

903 Hazard Insurance Premium $1,200.

1102 Abstract or Title Search 200.00

1104 Title Insurance Binder 35.00

1107A Attorney Fee 500.00

1108 Title Insurance Fee 594.00

1109A Run Down Fee to Attorney 50.00

1201 Recording Fee 470.00

1301 ASurvey to: 150.00

1303 Municipal Lien fee 90.00

1001 Hazard Ins 2 mths @ 100 = 200.00

1002A Mortgage Ins mths @ 97.30

 1004 Property Tax 2mths @ 263.85 = 527.70

Message Edited by eddymvp on 04-21-2009 08:00 PM

Message Edited by eddymvp on 04-23-2009 08:39 PM

[ShanetheMortgageMan]

Oof... if your score is 620+ not good at all.  Should be more like 5% with 0 points/origination/mortgage broker fee.

[eddymvp]

My mid score is 660. Where can I find the info about the 5% to send it to my loan officer?

[ShanetheMortgageMan]

#1, if they didn't offer you more competitive terms in the first place but would only after you showed them you could get better terms elsewhre, why would you want to continue working with them... and #2, you'd find the information you are looking for from another loan officer who isn't out to fund his college education with 1 loan.  Was your situation near impossible or something?  Locking the rate for 180 days?  

[Anonymous]

I would steer far away from Franklin American. I had never even heard of them before, but recently two folks on the forum have had trouble with their loans and FA was the lender.

[eddymvp]

When I was in the office today, he mentioned something about the interest rate going down. I would call him in the morning to clarify. If I decide to switch lender in a week. Can I still use the same appraisal as I gave a check for 525.00 for the apprasail which would be ordered tomorrow.

[ShanetheMortgageMan]

It'd be up to the new lender if they would be able to use the appraisal, and also up to the appraiser if he also wanted to re-assign it, plus cooperation from the current broker too - so you'd need 3 parties to agree.  Not very likely.  $525 for an appraisal?  Wow.

[SonorityGenius]

Wow indeed! Yikes $525 for an appraisal??! What is the appraiser a one person company like your LO? Lol

Most average around $300. Even in NJ its only $350! lol

[Anonymous]

$525 for an appraisal?!?!?! Broker gets $2k??? No bueno my friend.

[eddymvp]

I called my broker and he told me that was the original GFE when he pre-approve me and that was the rate at that time in February, 2009.

THis was his replied by email after we hung up the phone.

Remember we spoke of this. You can obtain that rate with 2 points. Your rate is not locked so there is a chance that if the rates go lower we can obtain 5.0% with the same closing costs. That would be great for you and I will watch the rates for you and let you know. For now, let’s get through the home inspection. Please let me know how it goes.

Thanks,