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BlaqueTreasures

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  1. FINAL UPDATE Firxt of all, you guys are awesome! I discussed every questioned cost with the broker. Surprisingly, he agreed with most of what I said but pushed back a little on some claiming "well that's the going rate." After a little negotiating, he agreed to write me a check for the difference at closing. Thank you so much! I'll be glad when this is all over and I have those keys in my hands.
  2. Was supposed to close Feb 15th, now we're looking at late March (and possibly April). This has been a long and drawn out experience. I'll never buy new construction again!
  3. Utilization makes up 30% of your FICO score, and FICO doesn't like high utilization. Using your example above: 2,000/10,000 = 20% util 2,000/50,000 = 4% util Neither is bad because they're both below 30% but 10% or less is optimal. Assuming all accounts have aged, it is better to owe 2,000 with total CLs of 50,000 for lower utilization.
  4. I just wanted to thank EVERYONE for their input. "If" I go with this lender, I'm going to negotiate the fees discussed in this thread.
  5. I'm working with a broker but I think he used First Horizon for those rates. Is that reputable?
  6. fla-tan thank you so much for responding. i'll discuss the costs that you questioned. thanks! ~Blaque
  7. ...and tell me what you think of the closing costs. Loan Orig Fee (0.75%) $1,540.86 Appraisal Fee (350.00) Credit Report Fee 44.12 Lender's Inspection Fee 75.00 Appraisal Review Fee 100.00 Flood Certification 24.00 Tax Service Fee 90.00 Processing Fee 375.00 Underwriting Fee 400.00 Wire Fee 27.00 Document Preparation 175.00 Attorney's Fee 390.00 Title Insurance 921.00 Title Search/Exam 175.00 Recording Fee 2,056.00 City/County/Tax Stamps 2,568.11 State Tax/Stamps 642.03 Deed Prep 150.00 Recording Fee/MD 128.00 Closing Costs for 2nd 779.62 Courier Fee 65.00 TOTAL CLOSING COSTS $10,725.74 PREPAIDS Interest for 10 days $335.30 Hazard Ins Premium 540.00 Hazard Ins for 2 months 90.00 Property Taxes 1,387.98 TOTAL PREPAIDS $2,353.28 Thanks in advance. I really appreciate your help.
  8. My mortgage enhanced scores were "slightly" higher than my FICO scores. YMMV
  9. March 07 is more than 12 months away. I'd close them. NO sense in paying the monthly fees if you have better cards. Your scores will rebound.
  10. Here's my GFE: $1,540.86 Loan Origination (0.75%) 0.00 Loan Disc Pts (350.00) Appraisal Fee 44.12 Credit Report Fee 75.00 Lender’s Inspection Fee 100.00 Appraisal Review Fee 24.00 Flood Cert 0.00 Mortgage Broker Fee 90.00 Tax Service Fee 375.00 Processing Fee 400.00 Underwriting Fee 0.00 Closing Fee 27.00 Wire Fee 375.00 Doc Prep 0.00 Notary 390.00 Attorney Fee 921.00 Title Ins 175.00 Title Search 0.00 Subordination Fee 2,056.00 Recording Fee 2,568.11 City/County Tax 642.03 State Tax/Stamps 150.00 Deed Prep 128.00 Recording Fee 0.00 Pest Inspection 779.62 Closing for 2nd 65.00 Courier Fee 10,725.74 ESTIMATED CLOSING 335.30 Interest (10 days) 540.0 Hazard Prem 90.0 Hazard Ins (2 months) 1,387.98 Prop Taxes (6 months) 2,353.28 TOTAL PREPAIDS Please review and let me know what you think. Thanks in advance!
  11. Hi flan-tan!! Yes, it's been a lil while. Life happened so I had to lay low and recoup. Now I'm back and house hunting again. Except, this time I'm doing it by myself. The 30yr fixed was 6.25. Then again, this is based on a conversation from 2-3 days ago. The rate on the 5/1 IO was HIGHER than the 5/1 P&I. Is this normal? I'll post the GFE as soon as I get it. I'm waiting for the broker to update it. As always, you are so helpful and I really appreciate it. ~Blaque~
  12. My FICO scores are all over 735. I'm buying a new construction townhouse with a full doc 100% financing loan. The broker quoted me these terms: .75 origination, no discount points 5/1 P&I ARM 5.875 on the 1st trust 30/15 P&I 7.875 on the 2nd trust Are these terms reasonable?
  13. CONGRATS!! I can't for my closing date!

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