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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Got my good faith estimate.....I'm nauseous.
Is there anything on her that I can try to wive or bargain? Plus I think there is still alot missing.
Loan origination fee $0
Loan Discount $0
Appraisal Fee $350
Credit Report $0
Broker Fee $0
Tax Related Service Fee $0
Processing Fee $250
Underwriting Fee $600
Wire Transfer Fee $0
Flood Cert $20
Application Fee $290
Title Charges:
This section is blank....except for attorney fee of $575.....Is my attorney supposed to supplement this info?
Recording Fee: $100
State Tax/Stamps $4378.50
Estimated closing costs: 6,563.00
Pre-paids:
Interst for 15 days $1,071.06
Hazard Insurance Premium (2 months) $130.00
Mortgage Ins. (2 months) $236.30
Taxes (10 Months) $8,210.00
Estimated Pre-paid items: $9,647.36
Total Estimated settlement charges:
$16,210.86
Total estimated funds to close: $19,210.86
Where did the extra 3000 come at the end from 16 to 19....
Do I have to escrow 10 months of taxes? What if I choose to pay them n my own?
Anyway, does this all seem right??? My head is spinning.
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Posted 8/25/07 1:58 PM  |
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katiebell
Hoping, wishing, waiting....
Member since 8/06 1418 total posts
Name:
K
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Re: Got my good faith estimate.....I'm nauseous.
Our estimate to close was about 14,000, and we are asking for the seller for the closing costs.
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| Posted 8/25/07 3:22 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Got my good faith estimate.....I'm nauseous.
You DO NOT have to escrow. if you are a good budgeter and can put that $$ away in an interest bearing acct you are much better off. As far as fees-everything is pretty standard. the atty fee on the title bill is probably for the bank atty which is a pretty good rate-usually 7-800. the only thing you may eb able to negotiate is the processing and underwriting fee....
ETA: the title bill is usually done the day of closing
Message edited 8/25/2007 3:51:29 PM.
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| Posted 8/25/07 3:50 PM |
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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Re: Got my good faith estimate.....I'm nauseous.
Posted by melijane
You DO NOT have to escrow. if you are a good budgeter and can put that $$ away in an interest bearing acct you are much better off. As far as fees-everything is pretty standard. the atty fee on the title bill is probably for the bank atty which is a pretty good rate-usually 7-800. the only thing you may eb able to negotiate is the processing and underwriting fee....
ETA: the title bill is usually done the day of closing
How much more would you estimate for that? Also, who do I talk to about not escrowing the taxes?
Message edited 8/25/2007 5:24:25 PM.
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| Posted 8/25/07 5:23 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Got my good faith estimate.....I'm nauseous.
Some of the mortgage quotes we got did require escrow, some didn't. It's best to ask them and if they say it's not required, you can deduct that from the closing costs. But you will have to pay for the homeowner's insurance yourself, and find out what taxes are due yourself also and pay those.
Good luck! I know it's a shock. Our estimated closing costs are about 15k.
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| Posted 8/25/07 5:32 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Got my good faith estimate.....I'm nauseous.
We found out from our bank that you can only separate your taxes and insurance if your Loan to Value rate is 70% or less. I believe it depends on the appraisal. I also don't know if this is for our particular bank (credit union) or for all banks.
We'd like to separate our taxes as well if we can.
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| Posted 8/25/07 10:18 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Got my good faith estimate.....I'm nauseous.
OK I just got one of these and I am ready to puke myself!!!!
Does Total Estimated Settlement Charges mean that is what I pay at closing? 
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| Posted 8/27/07 9:45 PM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Re: Got my good faith estimate.....I'm nauseous.
That seems about right to me. Our closing costs totaled $22K when the day was done.
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| Posted 8/27/07 9:46 PM |
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Re: Got my good faith estimate.....I'm nauseous.
We used BOA and if we wanted to seperate the insurance and tax we had to pay a fee so we just kept it with the mortgage.
If you are using a broker maybe the $3K is his fee that he isn't putting on the GFE. I had that happen to me on our first house. Our GFE jumped up about $4K the day of the closing. I was furious and lucky we had that extra money otherwise we probably wouldn't have closed. With the house we just bought we went straight with the bank and the GFE was only maybe $1K less then what was at closing. Their were no surprises.
Good Luck
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| Posted 8/28/07 7:30 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Got my good faith estimate.....I'm nauseous.
Posted by VickiC
We found out from our bank that you can only separate your taxes and insurance if your Loan to Value rate is 70% or less. I believe it depends on the appraisal. I also don't know if this is for our particular bank (credit union) or for all banks.
We'd like to separate our taxes as well if we can.
That's only your bank. They're not all the same.
We are not escrowing and we are only putting 10% down. However, our credit is very good and we are buying well beneath our means. It's a risk to lenders to allow you not to escrow. If you default on your tax bill, the tax lien on the property is superior to the mortgage lien.
ETA - We had to pay a $500 fee, but that's a lot cheaper than losing out on all the interest we will be earning on our money. Also, when you escrow, they can tell you they need more money in your escrow account, etc. and ask you for a few months more at any time. If you can't afford it up front, you'll have to spread it out over your mortgage payments for a period of time, increasing your payments.
However, if you're not good with saving and budgeting, then escrow.
Message edited 8/28/2007 7:36:30 AM.
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| Posted 8/28/07 7:34 AM |
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