Need mortgage help!

[ShanetheMortgageMan]

Did you get the GFE in a .pdf document?  If so just copy & paste each line into a post... if you didn't you can scan/omit personal info/post it to a website as a .jpeg, and post a link.. or you can just hand copy each line (HUD line number, fee description, and fee).

[Anonymous]

I think I figured out the GFE...I was confusing the lender with the seller, thinking they were the same, but they are technically two different groups...now it adds up. 

Now I'm looking at the Truth in lending...

APR - 7.539

Finance charge - 230,771

Amount Financed - 155,023 (on the GFE, the Sales price is $159,819, the pmi is $2325, the base mort amt is $155,024, and the Total mortgage amt is $157,349)

Total of payments - 385,795

Num of pmts - 151 amount of pmt - 1,111.15 to 1098.86 beginning 1/1/08

Num of pmts - 208 amount of pmt - 1046.85 beginning 8/1/2020

She has my payments NOW as $1046 on the GFE

Is this wrong or am I missing something?

Message Edited by bsf56 on 10-20-2007 08:18 PM

Message Edited by bsf56 on 10-20-2007 08:25 PM

[Anonymous]

In every new home contract I have ever seen the buyer is to pay the Builder/Seller's closing costs - they pass those on the you.  Really not fair!  So yes, they are 'giving' you closing help - but it's to pay their costs also (which are charged to you).

[Anonymous]

Sorry, I keep editing because as I re-read it, nothing I post makes sense.

So I just need to decide if I want to go with another lender for a lower rate and bring more to closing or do I want to take a higher rate with less closing costs, right?  

[Anonymous]

Simple way to find the break even point:

How long do you plan to stay in the house?  Total up the payments for that period and subtract the lower one with no help  from the higher one with bulder help -- is this number more than the increase in closing costs?  If yes - then lower rate loan is more cost effective over time.  This also assumes that you have the $ for the incresed costs.

[Anonymous]

I'm not going to keep the house longer than 5 years...probably more like 3 or 4 so I think I will just stay where I am at.

THANKS SHANE AND LADY SCARLET FOR ALL OF YOUR HELP!