I always go with my clients when they sign loan documents. The GFE is just that and the numbers can and most likely will change. If you have your agent with you they can help. I always look over all documents from the start of a transaction to the end!. Watch out for the buy down rates and the loan origination fees. Title fees should be checked also. Make sure you have a relationship with your lender and that they have your best interest in mind, not just a BIG paycheck for themselves. If you need any help just callme!
Deann McClung
Elite Signature Partners Team
Keller Williams AV
661-225-7146

It is an estimate, however the numbers should be fairly close. Just make sure the loan officer is putting on the pre paid taxes and insurance. Technically they are not closing costs but they will show up on the hud1.

Che,
The numbers in the GFE is just that - estimate. You can however determine the closest amount the actual closing cost by determining the # of days prepaid interest and your insurance premium and your taxes. For taxes, depending on when you are closing, escrow may require you to pay the taxes up front for the coming due date because if you are impounding, there will not be enough money to pay it when it comes due.

Discuss with your loan processor or escrow officer to give you a more accurate quote.

Good luck - Charita King 562-276-8681

Good faith estimates are given by the lender and are just that, an estimate. Certainly the lender knows his/her own costs, but may not know the costs of the title and escow company. Because of this, a GFE is only a close guideline for your normal closing costs. In regard to the interest rate, which is also on the GFE, it too, is only an estimate. Interest rates fluctuate, sometimes hourly. The only way that a lender can assure you of an exact rate is to "lock" the rate. That way you are guaranteed the rate that you "lock"in. Most GFE, however, are +/- 1/4% from the original.

A good faith estimate is just that: an estimate. They are figured out with the best information available at the time the estimate is prepared. Other information may come up during the final steps that may raise the actual closing costs. If you do not want to pay these costs, you can always back out of the deal... however, you may not be able to re-coup your earnest monies. If you have an agent, talk to them; they should be the ones helping you figure this out.