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Answers (5)
Best Answer
- Robert Lowery, "Bob Lowery"
- Contributions:2097
This seems very fair for your loan amount.
Looks like the insurance is listed twice...don't know why you would need two policies. Fire insurance listed under closing costs and hazard insurance listed under prepaids. This is generally the same insurance.
Also, the mortgage insurance under 904 should be under the 800 items as it is considered a lender fee and effects the APR. The costs seem fair, but there seem to be a few small errors.
Either way, it seems fair.
Looks like the insurance is listed twice...don't know why you would need two policies. Fire insurance listed under closing costs and hazard insurance listed under prepaids. This is generally the same insurance.
Also, the mortgage insurance under 904 should be under the 800 items as it is considered a lender fee and effects the APR. The costs seem fair, but there seem to be a few small errors.
Either way, it seems fair.
- Tracy Larkins, "Cobalt Financial"
- Contributions:649
This Good Faith Estimate looks really good to me as well - I don't get the fie insurance either unless that's an error on their part - I would double check that line item...
- Chuck Gorman, "Gormanov"
- Contributions:2
Call me if you would like a lower insurance quote at 610-296-5055.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
I gather that you are not working with a buyer agent at this point or she/he would have been able to explain line items to you.
Whoever provided you with these numbers should also be able to explain them to you.
I do not want to start picking on different line items, since things are done a bit different in different states.
- Marlene Berrier, "marlenesellshomes"
- Contributions:23
Typically you can use the figure of 3% of the purchase price to figure your closing costs. Your GFE looks good as the $11000+ difference from the 3% rule of thumb is the pest control, the home warranty and insurance. But as Bob L. said, I would ask about the (1302) fire insurance and (903) the hazard insurance paid to other client's insurance provider to clarify. Other than that, it looks good!
MY GFE - THIS IS MY FIRST TIME BUYING A HOME...COULD SOMEBODY PLEASE LOOK AT THIS TO ADVISE ME?
Total Down Payment =$5,500
Total Loan Amount - $104500
Interest Rate - 5%
Loan Program - FHA 30 yr Fixed
801 No Loan Origination Fee
802 No Loan Discount Fee
803 Appraisal Fee - $450
810 Processing Fee - $395
813 Administration Fee - $695
1101 Closing / Escrow Fee - $253.12
1108 Title Insurance - $473.53
Misc Title Fees - $65
Other Inspection - $360
1203 State Tax / Stamps - $214.50
1302 Pest Inspection - $110
Home Warranty - $360 (Seller)
Fire Insurance - $700 (Borrower)
Tax Installment - $316
Pad - $250
Estimated Closing Costs = $4642.15
901 Interest - Paid to Lender 15 days @14.3151 = $214.73
902 Mfg Ins Premium
903 Hazard Insurance Premium paid to other client's insurance provider - $498
904 Mortgage Insurance - $1828.75
1001 Hazard Insurance Premium Paid to Lender - 2 mths @41.50/mth =$83
1002 Mfg Ins Premium Reserves Paid to Lender - 1 mth @45.08/mth =$45.08
1004 Taxes & Assessment Reserves - Paid to Lender - 4 mths @102/mth =$408\
Estimated Prepaid Items Reserves -$3,077.56
TOTAL ESTIMATED SETTLEMENT CHARGES - $7719.71
Purchase Price $110,000
Estimated Prepaid Items Reserves $3,077.56
Estimated Closing Costs $4,642.15
Loan Amount $104,500
Closing Costs $4984.90
Principal & Interest - $560.98
Hazard Insurance - $41.50
Real Estate Taxes - $102
Mortgage Insurance - $45.08
Total Monthly Payment =$749.56
Total Estimated Funds needed to close - $7,734.81
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