our gfe is here and I don't know....

[pixie]

loan discount 395.00

Appraisal fee (paid) 400.00

Credit report (paid) 65.00

 

Commitment fee 500.00

 

closing fee to title company 200.00

title insurance to title company 250.00

endorsement fee 50.00

 

recording fees 50.00

pest inspection 85.00

 

estimated closing costs 1995.00

 

interest for 15 days @ 15.9988 239.98

mortgage insurance premiun reserves 1309.50

 

 

Hazard ins premiums 2month @ 35.00 70.00

Mortagage ins prem. 2months # 36.38 72.76

Tax asseement reserves 4months @ 150.00 600.00

estimated prepaid items 2292.24

estimated settlement charges 4287.24

 

compensation to broker is not listed

 

price 90000.00

loan 88609.00

ufmip/ff financed 1309.50

est closing cost 1995.00

est prepaid 982.74

amt paid by seller 70.00

 

cash deposit 1000.00

total finds needed to close 4608.24

 

this is 30 years 6.5% fixed.

 

What do you guys think?

[pixie]

btw- I am not obligated to use this person right? We have never signed anything and I would just like to make sure we don't have to go through with this if its a bad deal. If we do decide to go somewhere else do we owe these people any money? Or can we just say see ya!

[willtygart]

If you signed some disclosures already you may be liable for :

 

A) credit report

B)Appraisal (if ordered)

C)Processing Cancellation

D)400 dollars to company

 

You should see this in your disclosures that you signed. If not....you don't owe them a thing :wink:

[pixie]

on the bottom of the gfe they sent us (thats all they sent is this one sheet) it has dh's name typed but not signed. So are we good then? Does this sound like an ok deal it seems a bit high to me and everyone I have asked said that 4600.00seems high.

[willtygart]

A gfe is just an estimate signed or not...and it truly does depend on whether or not you signed the disclosures. I would suggest checking a couple of other lenders out myself.

[pixie]

Thanks I'll ask dh if he signed anything because i didn't. I called Amcore and they said we could go conventional with his scores and save some money over fha so we will try them maybe they will be better :roll: I hope.

[fla-tan]

loan discount 395.00 Depending on the state you are in, Illinois if I remember correctly, and the rate (6.5% 30 yr) this is probably an added cost you shouldn't need to pay.

Appraisal fee (paid) 400.00 This may be the norm for your area, I would have to check.

Credit report (paid) 65.00 This sounds excessive, I get a tri-merged credit report for both spouses combined for less than $20.

 

Commitment fee 500.00 This is pure profit for the mortgage company and serves no other purpose.

 

closing fee to title company 200.00 The next three fees are title company fees and I can't say either way on them.

title insurance to title company 250.00

endorsement fee 50.00

 

recording fees 50.00 Probably about right.

pest inspection 85.00 This sounds like it may be a bit high.

 

estimated closing costs 1995.00

 

interest for 15 days @ 15.9988 239.98 The next 5 items, through tax assessment are all probably fine.

mortgage insurance premiun reserves 1309.50

 

 

Hazard ins premiums 2month @ 35.00 70.00

Mortagage ins prem. 2months # 36.38 72.76

Tax asseement reserves 4months @ 150.00 600.00

estimated prepaid items 2292.24

estimated settlement charges 4287.24

 

compensation to broker is not listed

 

price 90000.00

loan 88609.00

ufmip/ff financed 1309.50

est closing cost 1995.00

est prepaid 982.74

amt paid by seller 70.00

 

cash deposit 1000.00

total finds needed to close 4608.24

 

this is 30 years 6.5% fixed.

 

What do you guys think?

 

You can see my comments within your post. In general, I think some of the fees are excessive and some of the others are not necessary.

 

 

fla-tan

[pixie]

Thank you so much guys for all your help we really appreciate it! We will continue to "shop" around for a good deal. I will post our next gfe for you guys to let me know if its good.

Thanks again!! 8)

[Fela200]

Thanks for posting this. It gives some of the rest of us, who are almost ready to start the process, an idea of what to look out for.

[DACMAN]

Pixie,

 

I wanted to add my two cents in. Other than the Mortgage commitement fee which is junk and the credit report fee being a little bit high, everythign else seems ok or slightly low.

 

i think your title fees in IL are going to be higher than the estimate.

 

The rate and discount/orignation is fine. You will probably not find much better and the risk of loosing that rate is fairly great in this voliile market.

 

You might find someone offer a 6.375 or 6.25 rate but the origination and discount will be higher so pick your poison.

[pixie]

We called a bank who said we could go conventional for 6.3 and is sending a gfe today so I will compare and see where the best deal lies and of course I will post for the experts to examine!! Thankks guys!