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GFE Opinions?

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Senior Contributor

GFE Opinions?

Okay, hubby has been facilitating between QuickenLoans and CountryWide. Every time that Quicken would offer a better rate or cost, CountryWide was quick to counter. I'm not really happy with this situation, but it's not my loan, so my choice in the matter is ... well, we'll say NIL. Smiley Mad

Here's the GFE we've been offered. At first, the rate was 5.5% with CW, 5% with Quicken. CW not only came down to 5% while keeping the same closing costs, but also tossed in a discount against their lender's fee to take care of an added cost of getting a survey done on the property (hasn't been done since 10 years ago and they've since put in an in-ground pool and pool-house). QuickenLoans did NOT toss in the extra discount for the survey fee.

Here's what CW has given us. Any opinions? Please? I'm REALLY stressing over this. Smiley Sad

_____________________________________________________


1st Lien Base Loan Amt: $213,000.00 Term: 30.00

Loan Amt with MI/MIP/VAFF: $216,727.00

Interest Rate: 5.00 %

1st Lien Loan Program: Govt Fixed 30

_____________________________________________________


$ 1,597.50 ------------- Origination Fee 1 %

$ 420.00 ------------- Appraisal Fee - Paid to Third Party

$ 35.00 ------------- Credit Report Fee - Paid to Third Party

$ 295.00 ------------- Lender Fee

$ 500.00 ------------- Survey Fee

$ 26.00 ------------- Flood Check Fee

$ 391.92 ------------- Prepaid Interest First Lien 12 Days Interest @ $32.66

$ 3,727.50 ------------- FHA MIP(Upfront) - Paid to Third Party

Financed $ 3,727.00

Paid Cash $ 0.50

_____________________________________________________


$ 2,000.04 ------------- Hazard Insurance - 1st Year

$ 500.01 Hazard Ins Upfront Impound 3 Months @ $ 166.67 Month

$ 767.50 County Taxes 5 Months @ $ 153.50 Month

_____________________________________________________

TITLE CHARGES

$ 150.00 ------------- Closing/Escrow - Paid to Third Party

$ 100.00 ------------- Abstract/Title - Paid to Third Party

$ 75.00 ------------- Title Examination Fee - Paid to Third Party

$ 1,160.00 ------------- Title Insurance - Paid to Third Party

$ 50.00 ------------- Courier/Express Mail-Clsng - Paid to Third Party

$ 150.00 ------------- Title Insurance Endorsement - Paid to Third Party

_____________________________________________________


GOVERNMENT RECORDING & TRANSFER CHARGES

$ 146.00 ------------- Recording - Paid to Third Party

$ 758.54 ------------- City Or County Tax Stamp - Paid to Third Party

$ 433.45 ------------- FL Intangible Tax

_____________________________________________________


$ 18,000.00 Down payment

$ 5,896.49 Estimated Closing Costs

$ 7,386.97 Estimated Prepaid Items/Reserves

$ (9,240.00) Seller Credit

$ (3,727.00) Financed PMI/FHA/VA Funding Fee

$ 1,000.00 Earnest Money

_____________ _____________

$ 18,316.46 Total Funds From/ (To) Borrower

$ 1,230.55 First Lien P&I

$ 166.67 Hazard Insurance

$ 153.50 Taxes

$ 88.21 Mortgage Insurance

============= =============

$ 1,585 Total Monthly Payment

Quicken said this is outrageous. They even said that it's "impossible." Any comments? Please? We technically have until Monday to make our final decision.

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Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Message 1 of 4
3 REPLIES 3
Senior Contributor

Re: GFE Opinions?

Also, does anyone know why, when I plug in the same numbers at a mortgage calculator site (which includes the property taxes and HOI and MIP), why the numbers aren't the same?

If I plug in at the CNN Mortgage payment estimator the numbers for a $216,727 loan, with $18K down, at 5% interest, and $2K each in property taxes and insurance, I get a MUCH lower number than CW gives me.

 

The only way I can get the same payment amount that CW gave me is to use 5.5% and cut down our down payment by half -- which the LO at CW said is NOT being done. 

 

Quicken also gave us a lower monthly payment, too ($1538, including MIP, PT and HOI).

Does anyone have any idea what's going on????

Much appreciation in advance!!

Message Edited by Wonderin on 12-23-2008 07:11 PM

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Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Message 2 of 4
Community Leader
Super Contributor

Re: GFE Opinions?

Pretty solid offer from CW.  However with a $213k base loan amount, $216,727 with MIP, at 5% the P&I payment should be $1,163.44.  Not even sure how they got the $1,230.55/mo payment with that rate either... if you see their math doesn't add up either, their numbers add up to $1,638.93.  However $216,727 at 5.5% has a P&I payment of $1,230.55.

Message Edited by ShanetheMortgageMan on 12-24-2008 01:03 PM
Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
Message 3 of 4
Senior Contributor

Re: GFE Opinions?


@ShanetheMortgageMan wrote:

Pretty solid offer from CW.  However with a $213k base loan amount, $216,727 with MIP, at 5% the P&I payment should be $1,163.44.  Not even sure how they got the $1,230.55/mo payment with that rate either... if you see their math doesn't add up either, their numbers add up to $1,638.93.  However $216,727 at 5.5% has a P&I payment of $1,230.55.

Message Edited by ShanetheMortgageMan on 12-24-2008 01:03 PM



No, those mistakes were mine, totally. I was copying and pasting the data from the FIRST GFE, not the one that we just re-negotiated (went from 5.5% to 5%). I guess I missed a bunch of stuff. :/

They quoted our payment as being $1585, with $1165 P&I. Taxes are estimated at $2K/year (we don't know what it will be for sure -- the seller's elderly and gets a senior discount to the tune of paying NO taxes on her home), and HOI is estimated at $2K/year since it's a 1988 built home with a pool and a dog.

@Thanks, Shane, for looking it over. I'm not happy about the whole decision DH made. We were going with someone here, initially, but DH insisted on going with someone "big" (whatever the @#$% that means). Since it's HIS loan (his words, not mine), we're doing it HIS way. :/

Please don't think I'm trying to be the one who's "right" and just looking for problems/mistakes ... I just felt more comfy going with ... that other person. So I'm paranoid as H*ll.

Plus, CW doesn't have the greatest rep, yannow?

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Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Message 4 of 4
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