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How does this good faith estimate look?

Loan summary:
-----------------------
Purchase price: $230,000
Interest rate: 4.875% 30 Yrs FHA
Down payment: 3.5% ($8050)
Load amount (includes MIP): 225,834
----------------------------------------
Our origination charge: $200
Appraisal/Property Evaluation Fee: $440
Credit report fee: $2
Tax service fee: $82
Flood determination fee: $11
Mortgage Insurance Premium: $3884.13
Title service and lender's title insurance: $1106.14
Owner's title insurance: $1239.15
Government recording charges: $370
Transfer taxes: $2613.34
Initial deposit for escrow (all property taxes, all insurance): $3362.55
Daily interest charges (13 days @ $30.16): $392.08
Hazard Insurance premium: $650

Total Estimated Settlement Charges: $14,352.39
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My questions:
-Why is MIP included in loan + in the closing cost?
-How can I save money on any of these listed items? For instance, any tricks on title insurance? Do I have to pay a hefty amount for both lender's and owner's insurance?
-Where do I double check the "transfer taxes" and make sure they are not ripping me off? County's office?
-Shouldn't the hazard insurance be included in the deposit for escrow? Is it possible they are counting it twice?
-I realize that the home inspection that I got done isn't listed here and the attorney fees that I have to pay to my and lender's attorney. Any other mandatory charges that you guys see missing?

Thanks for your time and help.
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February 21 2010 - Clifton Park
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I was waitng for a lender from your area to respond as title co. fees vary by state..... The rate and origination fees are both low, and may not still be available. If you did lock in the rate with the lender that is a big plus as lender is now required to deliver on those terms. The FHA upfront mortgage ins. is required to be shown as an expense even though it is virtually always financed in the loan. The homeowners ins. is paid a year in advance and then collected monthly to be paid by the lender next yr. from your escrow acct.  Taxes are verified & certified by the title co to be accurate as required by the lender. Title co. fees are expected to be accurate within 10% of what is quoted on GFE unless you don't use a title co. on the list provided by lender with GFE then there is no cap. GFE should have included all title co fees that would apply if you use a title co from their list.
In some states it is customary for the seller to pay for the owners title policy but it still needs to shown on GFE as a buyer charge. Your Sales Contract likely addressed who is responsible for paying that fee. The transfer tax is another item that is state determined, and again the sales contract will state whether you or seller will pay. Some states have no Transfer Tax as Texas, so I can't can only assume that is the standard required amount for NY.
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February 22 2010
 
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How does this good faith estimate look?
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February 22 2010 | 1 answers
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