GFE questions

[brookesmommy2006]

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!

Edited June 27, 2014 by brookesmommy2006

[Kuuner]

Just in a cursury glance:

 

Your purchase price on the GFE should be $152,640. Your taxes and other costs that may be related to the purchse price will be based on $152,640. Your purchase price isn't $144,000. No such thing as a "Gross" purchase price. Downpayment should be based ont he $152,640 figure as that is your purchse price.

 

Daily interest is incorrect.

 

Your getting raped for a mortgage app fee (My two cents).

 

Go with what the lender gave you. That looks pretty close to you cash to close based on what you wrote. I'm amazed that lenders allow seller concessions to go towards recurring costs (Like taxes and insurance).

[brookesmommy2006]

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!!

[Kuuner]

Daily interest should be about $30, not $300. Think about that...$300 daily periodic interest equates to about a $9,000 montly payment so, i'd say it was a typo.

 

Seller concessions should NOT include required downpayment funds.

 

It's better to pad what they are telling you you will need just a bit to be on the safe side. At the end of the day, it appears the seller concessions will cover all of your closing costs and you'll only have to come to the closing with your downpayment funds (Which need to be sourced and seasoned for 60 days if they are not gift funds so, get them in the bank account if they aren't there already). If there are concessions left over after all of the closing costs are paid, you typically lose out on them unless you want to use any potential leftover to buy the rate down and/or purchase a warranty or inspections with the funds.

 

 

Good luck. It's scary and exciting at the same time to purchase your first home.

Edited July 1, 2014 by Kuuner

[brookesmommy2006]

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!!