Review my GFE - Thanks!

[MBOhio2]

Here is an outline of ALL costs on my GFE (I'm not sure which ones the lender is charging and which ones are fixed, so I'm listed them all!). My loan amount is $326,000.... opinions on these amounts?

- Origination Charges = $3,950.01

- Appraisal Fee = $450.00

- Credit Report = $18.00

- Tax Service = $79.00

- Flood Certification = $5.50

- Mortgage Insurance Premium = $3,260.01

- Title services and lender’s title insurance = $660.00

- Owner's title insurance = $1,620.50

- Survey Fee = $150.00

- Government recording charges = $160.00

- Transfer Taxes = $678.00

- Initial deposit to escrow account = $3,100.00

- Homeowner's insurance = $1,800.00

TOTAL = $16,007.70

I am feeling really clueless at this stage of the process and want to make sure that I understand everyhting and that everything looks reasonable, so thank you SO much in advance for your time and help!!

[JusdoNit]

Very interesting.  Mines seem to be $16,171.92 for a $190K loan in CA

[MBOhio2]

JusdoNit - Well that probably doesn't make you feel very good, but it does make me feel like my fees are likely reasonable. Where is the major discrepancies between our loans since obviously you are experiencing a similar amount but with a much smaller loan??

[SDChrgrboy2]

Your homeowners seems high.  I pay $800 thru Travelers for San Diego with a pool.  same Loan amount

[JusdoNit]

There are so many more fees and a few are a bit more than yours.  I will post a breakdown this afternoon, but they do say fees can vary from state to state.  Are you in CA?

[MBOhio2]

SD - I agree that the homeowners insurance is super high. I've already received a quote from my current renter/auto insurance provider (State Farm) and it's only $832 per year so that will definitely go down. I just wanted to post everything exactly as-is in the GFE.

JusdoNit - Yes, closing costs definitely vary from state to state and I think CA is always on the higher end. I am in Ohio, which I'm sure is always on the lower end

[Catacam]

I'm curious as to which of these fees are covered in the "Closing Costs". Does anyone have an idea??

[Catacam]

*Closing costs as in what they pay if you negotiated closing costs in your contract...

[MBOhio2]

I think all of these qualify as "closing costs" (these are all lumped together as "settlement costs" in my GFE).... my builder is paying $7000 toward closing costs and I am just assuming that that $7000 will come off of the approx. $16000 that will be owed at the table. I will of course clraify this as we get a little closer to closing, but that's my current understanding.

[Anonymous]

Hey mbohio what part of Ohio are u