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GFE Review please!


The last post in this topic was posted 5093 days ago. 

 

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12/17/07

Proposed loan: 1st - 30 yr fixed (rate: 6.125%)

2nd - 30 year fixed (rate: 7.75%)

 

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..... 1039.50 state tax/stamps

1304..... 9 flood zone determination

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

total closing: ......$2,339

 

estimated prepaid items

901 ...... $453 interest 15 days@30.21

903 ..... 594 hazard insurance prem

1001 ..... 99 hazard ins. reserves 2 payments @$50

1004 ....... 730 county prop tax reserves 4 pymts @ 183

total prepaid items:.... $1,876

 

 

transaction summary:

purchase price: $225,000

total closing: 2,339

total prepaid 1,876

total costs: 229,215

less adj loan amt 180,000

less other financing 33,750

less amt pd by seller 0

total credits 213,750

cash required 15,465

 

 

1st mortgage pmt: 1093.7

taxes 182

hazard and flood ins. 49

2nd mortgage pmt: 241.79

total pmt: $1,567.49

 

 

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

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So, I've been doing some reading on the forum and is this lender getting a rebate on the backend based on the rate? I plan on keeping this house for a long time...should I try to "buy down" the rate since I predict making payments over a longer period of time? or does it look like the rate is pretty low and there isn't much room to do that?

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So, I've been doing some reading on the forum and is this lender getting a rebate on the backend based on the rate? I plan on keeping this house for a long time...should I try to "buy down" the rate since I predict making payments over a longer period of time? or does it look like the rate is pretty low and there isn't much room to do that?

 

 

of course the lender is getting paid in the rate. they dont do loans for free. you should pay the lender up front in origination fee for a better rate if you plan on staying there a long time.

did you tell the loan officer you plan to stay a long time? they should know to offer you a better rate and put their fee on origination line for clients like you.

0% origination loans are for people who plan on staying a short time.

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