GFE Review from NFCU (Comments Welcome) HELP

[ronq]

Sales Price    $155,000    Down    Payment $15,500
Loan Amount $139,500  Interest 5.125%
Middle Score 725
Conventional 30 Fixed
Section 1 – Lender, Government and Settlement Fees

801    Origination (1.0%)        $1,395.00
802    Discount Fee (.250%)        $348.75
803    Appraisial Fee            $400.00
804    Credit Report            $14.00
810    Tax Set-Up Fee        $5.00
811    Tax Service Fee        $45.00
814    Flood Determination Fee    $7.00

1101    Settlement Fee (Attorney)    $1,150.00
1108    Title Insurance        $733.00

1201    Recording – Deed        $200.00
1204    Recordation            $2,790.00

1301    Survey Fee            $400.00

        Section 1 Total    $7,487.75
    
Section II Good Faith, Prepaid Interest, Insurance Premiums and Escrows

815    Good Faith Fee             $250.00    (Refunded prior to Close)

901    Prepaid Interest ([email protected]/day)    $313.40    (Incl. In 1st Payment)
903    Hazard Ins Premium            $418.50

1001     Hazard Ins Escrow 2mos. @40.03)    $80.06
1004    County Property Taxes Escrow
    8 mos. @ 433.33 MO            $3,466.64
        Section II Total        $4,528.60

        Total                $12,016.35
        Minus Line 815 & 901    $563.40

                Total        $11,452.95

P&I        $759.56
PITI        $1,232.92

Message Edited by ronq on 02-17-2009 03:29 PM

Message Edited by ronq on 02-17-2009 03:35 PM

Message Edited by ronq on 02-17-2009 04:30 PM

[ronq]

Shane/DLG,

Should I be talking to one of you or is this a fair deal? NYS is horrible, but I am just wondering.

[ShanetheMortgageMan]

Recordation fee seems high for NY.  Last year helped someone buy in Rockland County, $420k sales price,  section 1100 & 1200 fees were:

1106 Notary fee for $125

1107 Attorney fee for $1,550

1108 Title Insurance for $2,373

1111 Searches for $300

1112 Endorsements for $100

1201 Recording fee for $350

1203 State Tax/Stamps for $4,212 (seller paid $1,680)

1303 Overnight fee for $100

Now perhaps your neck of the woods in NY has a recordation fee (Maryland and some other areas do) but if you are in the NYC area (unlikely with your sales price I figure) then you shouldn't have one to my knowledge.

[ronq]

Thanks Shane, I will inquire about this fee. The LO said that this GFE would be high because they don't have alot of experience with this area in upstate, NY. I was hust wondering because I have been on here for a while and couldn't really see any junk fees that you guys normally point out. Thank you very much for looking this over.

[ShanetheMortgageMan]

Welcome.  Odd that NFCU would send something out without making sure it was accurate, not like them, but perhaps they just wanted to get you something in hand.  It probably is high, I wouldn't expect the mortgage tax to be higher than 1% of the amount you are financing, and no recordation fee, but it'd be something I'd definitely call a local closing attorney/title company on.

[ronq]

Thnaks again Shane, The taxes here are pretty ridiculous especially school, but I really didn't recognize the

Recordation Fee. Other than that does it look like an honest GFE?

[ShanetheMortgageMan]

Yeah the section 800 fees are good for the rate & your FICO score.