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brookesmommy2006

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  1. OK....Im sorry...that was the total for daily interest rate...it is $16 per day and they estimated them based on a close date of July 10. I have the funds in the bank. Just waiting on clear to close and the final word on how much it will cost. Just getting nervous!!
  2. I got that information from the sheet lender gave me. GFE says initial loan amt is $149,872.00 what should daily interest be? App fee is listed on sheet lender gave but not on GFE? I really dont know what I am doing so bear with me please. Lender says prepare for about $5400 (less the appraisal and home owners ins) = total $4300 GFE says $12035 (not sure if seller concession is deducted from here) AND not sure if this figure includes downpayment? If I take away the $8640 seller concession using this figure I am left with a total of $3395. Both are similar figures. I am planning to have $4500. Will this be enough?? THAT is what I am worried about!!
  3. Hello all, I am nearing the end of buying a house.....we are waiting on title search to come back and then it goes into review for final Clear to Close. Until then I am trying to figure out the numbers on my GFE and the Estimate from LO......I am confused and his office is not good about returning calls. Purchase Price $144000 Seller Concession $8640 Gross Purchase Price $152640 GFE: Estimate From LO: Initial Loan amt: $149,874 Loan Discount Fee: $563.41 Loan term: 30 yrs Appraisal Fee: $495 (paid) Interest Rate: 4.125% Mortgage App Fee: $599 Initial amt owed for principal, interest, and mortgage ins: $890.77 Interest: $254.07 Settlement or closing fee: $525 Origination Charge: $805 Title Ins Binder: $1200 Points for interest rate: $560.53 Buyer Attorney Fee: $375 Recording Fees: $250 Appraisal $495 (already paid) NYS Motrgage Tax: $1502 Mortgage Ins Premium: $2577.70 Homeowners (1yr Paid in full) $600 Title Ins Services and Lenders title Ins: $1795 Reserves Deposited with Lender: Owners Title Ins: $472 Homeowners $100 Property Taxes $ 2733 Gov't Recording Charges: $350 Transfer Taxes: $1124.25 Initial deposit for escrow: $2883.30 Purchase Price $152640 Daily Interest Charges: $372.63 Total Estimated Closing Costs $5509.41 Total Estimated Reserve/Prepaid Costs $3687.40 Homeowners Ins: $600 FHA UFMIP $2577.71 Total Costs "C" $164414.52 ESTIMATED SETTLEMENT CHARGES: $12035.41 Loan Amt $147297.60 Seller Concession $8640 FHA UFMIP Financed $2577.71 Earnest Deposit $500 Total Credits "D" $159015.31 CASH TO CLOSE "C" - "D" $5399.21 Not sure if I take the GFE and subtract the seller contributions of $8640 or if I should just go with what lender gave me......? I dont know where my down payment falls in all of this....I am trying to make sure I have enough funds to close and these figures are not even close!! PLEASE Help me understand!
  4. My inspection said new roof and tank removed- it was not part of the conditions........ The conditions included things like an updated bank statement, proof that my earnest deposit cleared.....things like that.....minor things. Now just hope it appraises at what I am paying.
  5. Just an update: Received the "loan comittment" letter with conditions......there were 18 "conditions" but only 8 of which I need to do and my lender takes care of the rest. Found out from inspection that the garage roof needs to be replaced and there may be an oil tank under the driveway- which would need to come out. Otherwise, all is going as planned. We have a tentative close date of July 10th. I'm nervous that I will get to the end and be denied but I am making sure all payments are up to date, on time and no new credit is acquired. So hoping for the best.
  6. My Loan app was submitted with all requested docs to the underwriter for review on WED 5/14 and I was told that I should have the final word by Mon/Tues next week. I'm nervous that something will go wrong. I have an anticipated close date of July 10th. I also received my GFE and lenders version of anticipated closing costs- cash to close. The seller is paying $8640 toward closing and I paid a $500 earnest deposit. Total on GFE is 12035.41. Per the lender's estimate: My total cash to close is $5399 (but my lender says it will be less because this # includes fees that I have to pay up front- such as appraisal and 1 yr of Homeowners Ins)- so we figure $4300. Any thoughts? I am concerned that I am going to need significantly more at closing than I will have in funds. I will talk to him Monday but just wanted other opinions.
  7. Ok, so my FHA app went through the DU and came back Approve/eligible. I am terrified that I am going to get to the end and be denied. How often are they denied?? My credit scores are about 673 mid score- I have 3 medical collections ($200 total for all 3) and one old charge off from 6+ yrs ago. Also there are late payments reporting on my student loans from about a yr ago. I have 2 credit cards that I have had for about 6 months (paid in full each month) and I have had 2 personal loans in the past 2 yrs (PIF). Otherwise I dont have much history. My broker had me print the last yr of rent payments to add to the credit profile. My question is...how often are they approve/eligible and then denied in the end?? I am freaking out. I am told not to stress but I cant help it. I am so close and yet so very far away! Thanks
  8. So here is where i am at. I was pre approved. I found the house that I want. Real estate agent says Now I need to talk to my lender about the FHA loan and how much seller concession is allowed. What other things do I need to put into the contract? Will I need to put down a deposit?? When will they require me to put down a deposit if one is required? What do I need to know?! Im so scared and excited.......we will draw up the contract tomorrow. Thanks!!
  9. Ok difference between lender and broker is that broker will help you find a bank and get loan......Lender is bank specific? What are the pros and cons? I just applied with a broker but hoping that I did not make a mistake in doing so......
  10. Thank you. one more question. Do I get pre-approved and then shop for a house.....then once I find the house I want....is that when I would be "shopping around for a lender"?
  11. Ok. I am looking at buying a house in the next couple months. I dont even know where to begin. I have checked my credit report and I am good as far as my credit score goes. I do have 1 old charge off (due to fall off in Nov 2014- I will dispute as obsolete- and a few late payments from 2011 on my student loans. Everything else is ok. 1) What is my first step? Do I get a Realtor first or do I get a pre-approval first? 2) Difference between pre- approval and a pre-authorization? (I think the pre-approval is what I need) 3) How long is a pre approval good for?? Any tips are appreciated. I just dont know where to begin. I need to educate myself on the process before starting...so point me in the right direction please :-)
  12. Good to know. I think I need to *try* with a letter to both National Grid and EQ and then if it is not removed I will go on to regulatory commission. Thanks for letting me know.....
  13. Ok. My scores are all 650+ so I am good there.
  14. Will having lates showing (from 2010 and 2011) on my student loans affect my ability to get a USDA loan?

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