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Can you guys review my GFE?


scottv
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The last post in this topic was posted 5165 days ago. 

 

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Hi, first off I'm new to the board, but I'm so glad I've found it! Been reading in this place for the past few nights, great stuff! :clapping:

 

Proposed loan: 1st - 30 yr fixed (rate: 5.75%)

2nd - 30 year fixed (rate: 7.50%)

 

estimated closing costs:

801......... $0 Loan Origination Fee

802......... 0 Loan Discount

803....... 350 Appraisal fee

804 ........ 15 Credit report

811........ 78 Tax service contract

812...... 455 Admin fee

1101...... 250 Settlement or Closing Fee

1108...... 35 title insurance

1201 ...... 105 recording fee

1203..... 878 state tax/stamps

1304..... 9 flood zone determination

1305...... 3 f.z.d. life of loan fee

total closing: ......$2,177

 

estimated prepaid items

901 ...... $359 interest 15 days@23.95

903 ..... 501 hazard insurance prem

1001 ..... 84 hazard ins. reserves 2 payments @$42

1004 ....... 443 county prop tax reserves 4 pymts @ 111

total prepaid items:.... $1,388

 

 

transaction summary:

purchase price: $190,000

total closing: 2,117

total prepaid 1,388

total costs: 193,565

less adj loan amt 152,000

less other financing 28,500

less amt pd by seller 3,500 (what is this?)

total credits 184,000

cash required 9,565

 

 

1st mortgage pmt: 887

taxes 111

hazard and flood ins. 42

2nd mortgage pmt: 199

total pmt: $1,238

 

 

I have zero debt, credit score 800...does all of the above look good, anything I should inquire about? THANKS!

Edited by scottv
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Do you have a property picked out?

When do you close?

 

The reason I ask, is that looks pretty tight.... could be a low ball offer if your closing is far out. it is a strategy by some lenders to lowball and hope for rates to go down while you shop. if this is real, it is an awesome deal!!! Who is the lender?

 

less amt pd by seller 3,500 (what is this?) this is the portion of closing costs paid by the seller.... basically covering your closing costs. very typical in this market to have seller pay some costs..... but, in effect, you are really rolling it into the loan. because if the seller didnt pay 3500 in closing costs, then they would probably take 3500 less for the purchase price. make sense?

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I don't have a property picked out yet...well I got this quote from a guy at suntrust...he just made the same type loan (80-15-5) to my coworker (I got the referral for this guy from him), so i would be surprised if he lowballed because he probably figures I asked my coworker his loan terms...also talked to BofA today (I bank with them) and they told me 5.6%, no pmi, with 5% down, so we'll see-they're sending me the GFE tomorrow.

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