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Replies (11)
- David Stein, "Military Loan Expert"
- Contributions:315
Title charges seems high but it might include the Escrow charge...What is CS?
please breakdown the $2300
please breakdown the $2300
- phatcow
- Contributions:5
CS is 750 , $1000 is lender title insurance , settlement or closing fee is $1300
- David Stein, "Military Loan Expert"
- Contributions:315
I think it is too high...
[Content removed by Zillow Moderator for self-promotion]
[Content removed by Zillow Moderator for self-promotion]
For a 500K loan amount, the 4.5% rate with the $1290 origination fee is fine. The $1290 is most likely the lender fee and the actual broker fee is being paid by the lender. I probably know exactly what lender it is based on the fees you quoted. Also, at 85% there is an adjustment so the 4.5% with essentially no broker fees is quite good. As for the credit refresh, the flood cert and initial credit report; those are nothing to worry about and while some don't charge for it, there is nothing wrong with those that do. Credit reissues do have a cost and it's your loan so there is no reason you should not pay it.
As for the title and escrow fees, this is obviously a purchase since you have an owners title insurance policy so I have no idea how anyone can tell you; "my fees would be _____". Title and escrow fees in CA are whatever they are per the escrow company and they will be whatever they will be regardless of what lender you use. If they are too much with the lender you have now, they will be equally too much with any other lender since these fees are regulated by the California department of insurance. The only way to get these fees lower would be to switch escrow companies and as the borrower, you generally don't have that option.For what it's worth, the fees sound fine and what you have outlined is perfectly acceptable and a good deal based on current rates.
As for the title and escrow fees, this is obviously a purchase since you have an owners title insurance policy so I have no idea how anyone can tell you; "my fees would be _____". Title and escrow fees in CA are whatever they are per the escrow company and they will be whatever they will be regardless of what lender you use. If they are too much with the lender you have now, they will be equally too much with any other lender since these fees are regulated by the California department of insurance. The only way to get these fees lower would be to switch escrow companies and as the borrower, you generally don't have that option.For what it's worth, the fees sound fine and what you have outlined is perfectly acceptable and a good deal based on current rates.
- phatcow
- Contributions:5
BKJH.. thank you for the very clear answer, and make me sleep well that i am getting a good deal. This just confirms that my guy is really good.
Makes me wonder about the guy above you on how they can "quote" savings in the 1000-2000 range if some fees cannot be avoided..
shrug..
Makes me wonder about the guy above you on how they can "quote" savings in the 1000-2000 range if some fees cannot be avoided..
shrug..
- Brian Goetz, "bri_gets"
- Contributions:295
one more thing to add...
the owners title policy is typically paid for by the seller. However, it is still required to be disclosed on the Good Faith Estimate. So it can be a bit misleading.
I would confirm with your loan officer what the actual cost of your closing costs are (excluding the costs that will be paid for by the seller)
the owners title policy is typically paid for by the seller. However, it is still required to be disclosed on the Good Faith Estimate. So it can be a bit misleading.
I would confirm with your loan officer what the actual cost of your closing costs are (excluding the costs that will be paid for by the seller)
- Meewan "Kay" Lee, "Realtor Kay Lee"
- Contributions:687
Your loan amount is high conforming (over 417K) and you are putting less than 20% down. That's 2 hits against you. If your fees and interest rates are as you stated, you are getting an excellent deal. Is your lender even waiving the one time upfront PMI?
- phatcow
- Contributions:5
There is no up front PMI payment on this loan (in the gfe)
"There is no up front PMI payment on this loan (in the gfe)"
Nor should there be unless you were doing lender paid MI. I would just gloss right over the comments from the agents if I were you.
Also, considering rates deteriorated today, your offer is even better now and I hope you have it locked. Please say you locked this yesterday.
Nor should there be unless you were doing lender paid MI. I would just gloss right over the comments from the agents if I were you.
Also, considering rates deteriorated today, your offer is even better now and I hope you have it locked. Please say you locked this yesterday.
- phatcow
- Contributions:5
Thanks guys for your help on this..
Yes, its locked.
Yes, its locked.
- OelrichTeam
- Contributions:0
Looks like you've done well. Congratulations!
Second set of eyes for mortgage : closing fees and title services
Loan is a 30 year 15% down conventional, loan amount $500,000
CS: 750
___________
Total out of pocket around 5500 dollars
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