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pdxfirsttimer
Joined: 12 Nov 2009
Posts: 2
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| Posted: Thu Nov 12, 2009 3:04 pm Post subject: GFE review for first time buyer FHA loan |
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I've received a GFE from my broker with the following fees attached. It seems the fees are a little high compared to the APR, but I'm not sure as I'm new to this. If anyone could take a look at it, it'd be greatly apprciated.
Base Loan amount - $288,000
Credit Score - 790
Coborrower creidt score - 708
Origination Fee - $2880.00
Appraial - $450
Credit - $25
Processing - $595
Underwriting - $795
Administration - $595
Application - $190
Settlement - $400
Doc Prep - $100
Title Insurance - $381
Endorsements - $100
Recording Fee - $150
Total - $6,660.04
Rate 5.00%
with an APR of 5.464% |
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TimtheMortgageGuy
Joined: 16 Jan 2008
Posts: 96
Location: Rosemount, MN
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| Posted: Thu Nov 12, 2009 4:07 pm Post subject: Re: GFE review for first time buyer FHA loan |
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pdxfirsttimer wrote: I've received a GFE from my broker with the following fees attached. It seems the fees are a little high compared to the APR, but I'm not sure as I'm new to this. If anyone could take a look at it, it'd be greatly apprciated.
Base Loan amount - $288,000
Credit Score - 790
Coborrower creidt score - 708
Origination Fee - $2880.00
Appraial - $450
Credit - $25
Processing - $595
Underwriting - $795
Administration - $595
Application - $190
Settlement - $400
Doc Prep - $100
Title Insurance - $381
Endorsements - $100
Recording Fee - $150
Total - $6,660.04
Rate 5.00%
with an APR of 5.464%
You should be able to get 5.0% on that deal WITH $0 origination fee today. It is clear you are with a mortgage broker as the JUNK fees are high too. The $595 Processing fee should be enough, meaning the underwriting $795, admin $595 and application $190 could probably be scratched.
Another red flag I see is, I beleive that APR is low from what you have presented. |
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pdxfirsttimer
Joined: 12 Nov 2009
Posts: 2
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| Posted: Thu Nov 12, 2009 5:01 pm Post subject: |
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Thanks Tim. Yes, a broker is involved. I've been very frustrated with this process so far as it's taken a week to get the GFE from the broker after our offer was accepted on a home, and now I'm sitting with only a few days left to complete underwriting or I'm in danger of losing $3500 earnest money.
Do I have time to shop around at this point and possibly lose the $3500 plus $400 from the home inspection if I can't get underwritting / funding from another source in time, or do I see what I can work out with the broker and swallow the crappy loan?
So frustrated.... |
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TimtheMortgageGuy
Joined: 16 Jan 2008
Posts: 96
Location: Rosemount, MN
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| Posted: Thu Nov 12, 2009 7:30 pm Post subject: |
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pdxfirsttimer wrote: Thanks Tim. Yes, a broker is involved. I've been very frustrated with this process so far as it's taken a week to get the GFE from the broker after our offer was accepted on a home, and now I'm sitting with only a few days left to complete underwriting or I'm in danger of losing $3500 earnest money.
Do I have time to shop around at this point and possibly lose the $3500 plus $400 from the home inspection if I can't get underwritting / funding from another source in time, or do I see what I can work out with the broker and swallow the crappy loan?
So frustrated....
It sounds like to close on time, you would have to use your current broker. Anytime you are getting 5.0% fixed for 30 years you really can't complain too much, but your broker is making a lot of money on this deal. How long ago did you lock in your interest rate? |
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