Question Details

Penny, Home Buyer in 10704

My mortgage broker send me a GFE, and I need to pay $14 to 15,000. for closing. the property i want to buy is

Asked by Penny, 10704 Fri Jul 11, 2008

in cortlandt manor,ny. is this about right.

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2
Lending answer:

It's difficult to answer your question objectively without additional information.

The size of your loan, the amount of taxes and homewoner's insurance, amount of down payment, amount of state and local transaction taxes, title fees, appraisal & inspection fees, and any gov't loan fees for FHA, US RDA, or VA , are all needed to determnine your closing costs.

There is only one charge that the lender or broker controls: Origination Fee/Broker Fee plus Discount Points (if your mortgage interested rate is discounted). Lender/Broker fees will be listed in line numbers 800-899 on your Good Faith Estimate along with appraisal fee, flood certification (paid to FEMA) and tax certification fee.

Add up all the fees in line numbers 800-899 and subtract appraisal, flood certification, and tax service fees. The remainder are the earnings of the bank or broker. The rest of the fees are paid to your escrow, paid interest until the end of the month after closing, and paid to third parties. Under Federal law, banks, lenders and brokers may not mark up any third party fees.

Adding up the lender's fees is the only way to figure out how much you're paying the ledner for your loan. Everything else are fees you'll pay no matter where you go (with minor variations for appraisal and title work).
1 vote Thank Flag Link Fri Jul 11, 2008
Without seeing any documents professional cant make a statement. All depends on a number of factors I am a Dallas real estate agent and a Dallas home mortgage loan officer.
http://www.lynn911.com
http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jul 11, 2008
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