GFE

[SouthTexas]

Are these fees about right for a FHA streamline refinance? I am going from 6.5% to 4.75%

 

 

804 credit report 19.00

 

810A processing fee 695.00

 

811A Underwriting fee 200.00

 

817A Fee to lender 400.00

 

818 flood cert 13.00

 

819A Doc handling fees to lender 160.00

 

820A Courier fee 30.00

 

It is a streamline refinance...put in before the 17th for

 

payoff of 132587.00

 

closing costs 2835.48

 

total pre-paid 228.43

 

FHA/UFMIP/VA 2008.50

 

total costs 137629.41

 

 

loan amount 133900.00

 

FHA UFMIP/VA fee financed 2008.00

 

Borrowers pre-paid 375.00

 

Total credits 136283.00

 

Cash from borrower 1346.41

 

Thanks for any help.

[Brian B The Loan Professor]

Normally I would say the processing is a little high however that is all they are charging you up front and 4.75% isnt paying much. I would lock this.

Dont be suprised if it changes (rate) then I would be concerned you were given the bait and switch.

Lock it now if you can

 

B

[SouthTexas]

Sorry...only put the part I was questioning in...also have to pay title

 

1101A settlement at closing 275.00

1108 title ins fee 895.48

1111A Courier/ wire fee 20.00

1112 texas gura fee....5.00

1113 tax cert 45.00

 

1201 recording fee 78.00

 

total closing 2835.48

 

Still look ok? Thanks for your quick reply...would like to fax these papers today.

 

PS How would they bait and switch?? If they did I would be a very unhappy camper since things have changed with the streamline finance and I would have to go by the new rules!

[Brian B The Loan Professor]

Those are standard fees so no change still good

I look at what the broker/banker is charging, loan amount and rate

It looks great almost too good. I would fax it in and lock

I am just cautious when I see something that looks that good

It is a very competitive business and when you see something like this you have to watch out for aggressive pricing to get you in the door

 

Good Luck hope it all goes well

 

B

[SouthTexas]

That`s what I was afraid of... thought it looked a little too good to me also. I will hope for the best. Thanks for your time.

[DallasLoanGuy]

buying from a builder?

 

it is normal and customary in Texas for seller to pay title policy.

builders are the exception

[SouthTexas]

No, it is a streamline refinance, but thanks for the info. They said I am locked in at the 4.75 so lets hope that is true! Thanks again!

[bcrxcel]

No, it is a streamline refinance, but thanks for the info. They said I am locked in at the 4.75 so lets hope that is true! Thanks again!

 

 

make sure you get the rate lock in writing.... its only going to cover your back in the long run... if you are dealing with a broker your have the right to know how much the broker is making on your streamline and this sometimes affects your rate, With new regulations you should have received paper work in how much the lender is paying the broker for your loan, like i said this is tied to your rate and be careful make sure you are locked and get it in writing for sure!

 

GFE looks pretty good, you should also ask how much of your old MIP you are going to get refunded to you after the closing, the broker you are dealing with should know this as soon as he ran your FHA case number.