In my experience, working with a local loan officer; where you can walk into the branch and speak face-to-face with the agent, is leaps and bounds above the rest.
Don't fall for those teaser low interest rates, only to fall victim to voice-mail hell and changed loan terms towards the end of the transaction.
CHF Access half percent down flyer, pdf http://tinyurl.com/9ewk9nq
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, Broker â€“ Loan Officer
One of the thing that have not been mentioned, is Property Taxes:
Property Taxes are collected by the Title Company, in advance of them being due, same as when you're in the house. The amount that the Title Company collects is based on the old taxes that were levied on the previous owner and that Selling Price, and as per a schedule based on two six month increments.
The amount collected varies from month to month, depending on the month that your Escrow closes.
If your Escrow is closing in September, they will collect 4 months taxes.
Now, lets guess that the previous owner bought the place for $750 and his tax rate was 1.25%; he was paying $9375 per year or $781.25 per month. Which means that you are paying 4X781= $3125 in Taxes.
That comes close to the discrepancy in the monies.
Understand that the Title Company has no discretion in this matter; they are told what to charge and cannot vary.
This is what I believe, and I may be wrong, so double check me:
When you buy a house, you will normally get a SUPPLIMENTAL TAX bill in a month or three. If your taxes have gone up, you will be given a bill for the difference. If your taxes went down, you will be given a credit.
Also, a few weeks after the Escrow closes, you will be sent a check from the Title Company for excess monies that they collected. This is automatic.
If there is one thing that you can hang your hat on, it's that the Title Company is pretty reliable.
If you go in to your Title Company, you can verify everything I've told you.
Good luck and may God bless
Even though the amount seems high, the fees cold be completely justified and verifiable. However, it may be possible that 'junk' fees have been inserted as well. Without knowing your contract details or having a copy of your GFE, all we can do is speculate here in this forum.
Bottom line: Ask your loan officer/RE agent to review and explain the fee's to you.
Either way, Congratulations on your home purchase! Great way to take advantage of the current market! ;)
What are the "adjusted origination charges" on your GFE?
What are the "title services & lender's title services" amount on your GFE?
What are all of the other #'s on your GFE say?
Did you get a GFE yet?
What type of loan are you getting?
What are the terms of the loan?