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Are these GFE Closing Cost reasonable?

Based on a GFE, my closing cost on a $191,000 loan @ 5% and $50,000 down  is $7,647. I have a loan origination fee of $3286 with a $2038 credit. Is this fee reasonable? Also, I'm charged $1047 for title insurance. Do I really need TI? 
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February 12 2010 - Macomb
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Answers (2)

With the new Good Faith Estimate that we are now mandated to provide, it is a bit more difficult for borrowers to actually determine if they are getting a good deal on their loan. As Paul indicated below, it seems to be reasonable.

However, without additional information about your credit scores, debt ratios,and  whether or not escrows are included in your closing costs, and the type of loan you will have, we can only address this in generalities.

If you are looking for lower closing costs, talk to your lender about a slightly higher rate, which can allow them to increase the credit you will receive.
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February 15 2010
Doc - It does not sound like that bad a deal based on the info you have provided
and 'yes' unless there are unknown and unusual circumstances you will need title insurance. (although it will likely never be utilized)
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February 12 2010
 
Related Questions
Are these GFE Closing Cost reasonable?
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Latest answer by Bob Carzon
February 15 2010 | 2 answers
  • Asked by drsue2
  • In Mortgage
  • February 12 2010
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