topic Re: Please review my GFE in Mortgage Loans

Please review my GFE

Anonymous — Wed, 20 May 2009 13:10:58 GMT

I'm certainly no expert at this but to me these figures seem a bit excessive. What do you all think?

It's a USDA Guaranteed loan for $225k @ 5.25%

800 Items Payable in Connection with the Loan

801 Loan Origination Fee @ 1.000% + 2,302.00

803 Appraisal Fee 400.00
804 Credit Report 65.00

811 Underwriting Fee 760.00

821 Administration Fee 749.00

1100 Title Charges

1101 Settlement or Closing Fee 225.00

1102 Abstract or Title Search 325.00

1108 Title Insurance Fee 775.00

1200 Govt. Recording and Transfer Charges

1201 Recording Fee 84.00

1203 State Tax/Stamps 495.00

1300 Additional Settlement Charges

1301 Survey to: Plot Plan (new const) 200.00

1303 Courier Fee (Gateway Title) 60.00

TOTAL ESTIMATED CLOSING COSTS 6,440.00

ESTIMATED RESERVE/PREPAID COSTS

900 Items Required by Lender to be Paid in Advance

900 Prepaid Interest 15 days @33.5708 503.56

902 Mortgage Insurance Premium 4,500.00

903 Hazard Insurance Premuim 420.00

1000 Reserves Deposited with Lender

1001 Hazard Ins 3 mths @ 35.00 105.00

1004 Property Tax 9 mths @ 250.00 2,250.00

TOTAL ESTIMATED RESERVE PREPAID COSTS 7,778.56

TOTAL CLOSING COSTS $14,218.56

Re: Please review my GFE

Anonymous — Wed, 20 May 2009 16:37:19 GMT

my closing cost is over $14,000 as well. The only thing is my house is a new construction house and the builder is paying all closing cost i only have to have $27.00 when i close next month.

it's a USDA grauntee loan as well.

Message Edited by djspeer on 05-20-2009 12:37 PM

Re: Please review my GFE

Anonymous — Wed, 20 May 2009 17:15:53 GMT

Thank you for the feedback! We are looking to make an offer on a new construction home as well. Our LO suggested we have the seller/builder pay $9k toward closing and the rest we'd roll into the loan. He approximated we'd only need to pay $18 at closing... which would be great!

I just wanted to be sure this LO wasn't milking us. I still can't believe he wants $65 for a credit report...

Can I ask what your purchase price is?

Re: Please review my GFE

Anonymous — Wed, 20 May 2009 17:29:32 GMT

our purchase price is $182,000. we didn't have to pay for the credit report. We got the builder to throw in ALL the APPLIANCES even the washer and dryer. my hubby credit score last we was told was 679 we even got them to buy the rate down for the first 3 years and @3.8% i think it was. lock years 3-30 at 5%. We only put up $100 earnest money. When they was first asking for $1000. since this our first house we wanted to go new. After looking around and and talking to people the builders gave us the best deal. the houses in the neighborhood all sold for over $220k last year all new construction so we getting a good deal!!! our closing date is now June 26 they moved it up a few days. now i just hope and pray everything goes well til then!!

Good Luck massgemama

Re: Please review my GFE

Anonymous — Wed, 20 May 2009 18:43:30 GMT

That's wonderful! Good for you!

I am so excited to talk to this builder and get the ball rolling. This whole process has been a rollercoaster ride... I'll be so relieved once we find something.

Re: Please review my GFE

Anonymous — Wed, 20 May 2009 19:14:57 GMT

i so know that feeling. this whole process is just stressful. and for me now i just have to sit and wait on a phone call or email thats the hardest part.

keep me posted on your house hunt

Re: Please review my GFE

Anonymous — Wed, 20 May 2009 21:33:58 GMT

I posted my lender and closing fees to give a comparison. Don't know if you are getting hosed or if my lender might pull a bait and switch on me. But this is the GFE my lender gave to me.

802 $ 3,125.02 *Loan Discount
803 $ 400.00 Appraisal, $400.00 (POC)

804 $ 16.50 Credit Report
811 $ 15.50 *Flood Certification Fee
1101 $ 600.00 *Settlement or Closing Fee
1108 $ 645.37 Title Insurance
1111 $ 75.00 Endorsements
1201 $ 200.00 Recording fees
1203 $ 4.95 State Tax Stamps
1204 $ 6.95 *MERS Fee

Total $5090

901 $ 599.32 *Interest for 14 day(s) @ $42.8085 per day
903 $ 800.00 Hazard Insurance Premium
1001 $ 200.01 Hazard Insurance reserves for 3 payment(s) @ $66.67
1004 $ 1,220.12 County property tax reserves for 4 payment(s) @ $305.03
1012 $ -308.88 Aggregate adjustment

Total $2510

Toal closing $7600

My homehowners insurance is actually $533 a month so I don't understand why it's at $800. And the seller is paying the title and title insurance and escrow fees so I'm sure that will be deducted from the loan.

I think $65 for a credit report is insane along with some of those other junk fees. IMHO it looks like your LO is really padding this loan in his favor on top of his commision.

Re: Please review my GFE

Anonymous — Thu, 21 May 2009 12:44:14 GMT

Thanks for your response!

I thought that charging an origination fee, underwriting fee, AND administration fee seemed a bit excessive...

Are there any mortgage pros that could give me some feedback? Do I go to a different lender now or is it okay to try to get this guy to lower his fees?