Help with GFI / Shane, Dallas???

[OMIAHEART]

I'm a first time buyer and just received this GFE.  Does this look good??? 

Shane/Dallas are loan rates supposed to be better than 6%?  My mid fico was 734

801 origination fee .... .500% $1447.50

802 loan discount .....  no % or amount

803 appraisal fee ..... 400.00

810 processing fee... 545.00

811 underwriting fee... 350.00

814 document preparation fee... 195.00

1101... Settlement or closing fee... 250.00

1105... document preparation fee... 150.00

1106... notary fee... 60.00

1109... lenders coverage... 500.00

1111... courier fee... 40.00

1201... reocording fee... 65.00

Estimated closing cost   4002.50

Items required by lender to be paid in advanced

901 interest    for 15 days @ 48.25/day     723.75

902 Mtg ins premium                               5066.25

903 Hazard ins premium                           810.60

1000 reserves deposited with lender

1001 Hazard ins premium  3 months @ 67/55/ 202.65

1004 property tax reserves 7 months @ 312.50/ 2187.50

estimated prepaid items/reserves  8990.75

total estimated funds to close

purchase price  300k

total estimated closing costs 4002.50

total estimated reserve/prepaid costs 3924.50

ufmip/ff financed  5066.25

total costs 312,993.25

loan amount 289,500

total non-borrower paid closing costs 12,000

Total credits 301,500

Cash from borrower 11,493.25

[ShanetheMortgageMan]

Is this GFE recent?  If so you are getting royally screwed, 6% & an origination fee should be criminal today.  If it was from a month+ ago then it's OK but I'd want you to get an updated one in that situation.  Processing fee is kind of high regardless too.

[OMIAHEART]

Shane,

Thanks for taking a look.  This GFE is from this weekend.  I talked to my LO and inquired about the 6% and he said i coudl pay 1 point to buy down the rate to 5%.  It seemed kind of odd to me that i would get quoted with such a high rate evern though rates have come down and i have a decent credit score.

Where do i go from here?

[DallasLoanGuy]

loan officer is trying to make too much.

have you gotten a second opinion?

[OMIAHEART]

No.  This is all new to me and i'm abosorbing as much information as i can from these boards.  Would i need to find a new LO to get a second opinion?

I haven't found a property yet and just started my search.  I want to make sure i'm getting the best deal possible and not ripped off.

My LO said he checked what a couple of different lenders were offering and out of the few he checked all could provide a 5% loan for 1 point.

[ShanetheMortgageMan]

6% with 1/2 point vs. 5% with 1 point is a no brainer... unless you are trying to reduce your funds to close as much as possible. But did you take a look at the payment difference? Sure you pay another $1.5k in points but your payment should drop by more than $150/mo, or in otherwords you should have made up the extra $1.5k you paid upfront in points to get the lower rate within 10 payments.