Financing in 32780>Question Details

Cindisims, Home Buyer in 32780

i just got a gfe for the house I am trying to buy. My monthly payments on the gfe said it was going to be $610.00 for the 1st and 2nd payment.

Asked by Cindisims, 32780 Thu Jan 20, 2011

i just got a gfe for the house I am trying to buy. My monthly payments on the gfe said it was going to be $610.00 for the 1st and 2nd payment. So is this my final monthly payment or will it change once all of my paperwork is done and I get the house!

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You should ask the lender or the licensed mortgage broker who provided you with the Good Faith Estimate.
Web Reference: http://truesarasota.com
1 vote Thank Flag Link Fri Jan 21, 2011
Hi, Csims. William is right. You need to ask the LO that provided you with your GFE this question.
0 votes Thank Flag Link Fri Jan 21, 2011
Csims,
Your payment is based on the following variables, loan amount, time and rate. If all of these remain the same, so will your payment. If the rate you lock in is different, or you choose a different loan program your payment will change.
The other areas your payment may change will be if your lender sets up an escrow account for property taxes and or insurance. Approximately 1/12th of your annual cost of either of both of these costs could be added to your monthly payment.
0 votes Thank Flag Link Thu Jan 20, 2011
Hi!

Remember the GFE is an Estimate. If your loan is a fixed rate it should remain near the $600 range
Not including increases for taxes and insurance.
0 votes Thank Flag Link Thu Jan 20, 2011
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