Help need help with GFE is my loan officer over charging!!

[angeliceyes22]

please look over my numbers my closing cost seem really high I am so lost I might have duplicate charges listed.

I am applying for a FHA VHDA loan with no money down but a second loan that covers my down payment.

 

Initial loan amount:139,428.00

loan term:30yrs

your initial interest rate:3.875%

initial monthly amount owed for principal, interest, and any mortgage insurance:808.54 per month

adjusted origination charges:2,205.30

charges for all other settlement services:8,317.67

Total Estimate Settlement Charges:10,522.97

 

appraisal fee:475.00

credit report fee 50.00

VHDA tax service fee:53050

flood certification fee:150.00

VOE FEE:30.00

wire FEE:25.00

mortgage insurance premium:2,398.03

title insurance and lender's title insurance:1234.14

owner's title insurance:589.43

government recording charge:100.00

transfer tax:1,837.25

initial deposit for your escrow account:546.32

daily interest charges:222.00

homeowners insurance:600.00

your charges for all other settlement services:8,317.67

total estimate settlement charges:10,522.97

 

Itemization of amount financed

139,428.00 loan amount

5,487.33 prepaid finance charge

---------------------

133,940.67

 

Origination points: 1370.30

flood certification fee 7.00

IRS transcript fee:20.00

VOE fee:30.00

underwriting fee:695.00

VHDA reservation fee:120.00

wire fee:25.00

daily interest 14.80 day 222.00

upfront MIP to others:2,398.03

attorney fee:600.00

total prepaid finance charge:5,487.33

 

appraisal fee:475.00

credit report 50.00

tax service:53.50

final inspection fee:150.00

home owners insurance:600.00

homeowners insurance 2 months @ 50.00:100.00

mortgage insurance 0 months @ 152.90 per month:

property tax 4 months@ 161.58 per month:646.32

aggregate adjustment:-200.00

owners title insurance:589.43

lenders title insurance:459.14

title examination fee:175.00

deed:100.00

city tax stamp:701.00

state tax stamp:1,136.25

[Kuuner]

Totals look about right as far as the math goes. Broker is nailing you for just over 1.5% in origination charges but considering the rate, it's not bad. Not good, but not bad. The UFMIP looks worse than it is but, it's financed into the loan. That's what happens when you get an FHA loan. I hate it when lenders nickel and dime people to death for a VOE fee and other crap considering this is part of their job but hey, doesn't look like they are charging you a processing fee so all in all, it's an OK loan.

 

Some of the "Fees" aren't fees but prepaid recurring costs like the escrows. That's not a bad thing. It's your money they will hold as a cushion for your escrow payments. Some of the other costs are deductable on your taxes.

 

With the cost of the transfer tax and the attorney fee, you must be in an East coast state?

[angeliceyes22]

yes I'm in Virginia.....do you think navy federal would have given me a better deal

[Kuuner]

CU's are usually better than brokers and bankers in fees and rate. You can still shop your loan. You are not required to continue with any broker or lender. If it's FHA though, you can't just cancel, the current lender will actually have to transfer the case number to the new lender. It's still your choice but, you have to deal with that in FHA.

[Brian B The Loan Professor]

What are the fees you think are excessive? Is this your first time purchasing a home?