Take a look at these closing costs

[firedogut]

Originally Posted by austin-steve

So my first question would be, why didn't you ask your lender about the fees when you first received your GFE? Secondly, do the fees match up with what you were told? If so, why are you just now asking opinions of a forum? Your lender and agent should be able to answer your questions, and if nothing is out of order on the HUD1 comparison, you have already seen the fees and had a month or more to contemplate them or ask questions.

That said, I don't see anything out of the ordinary with your fees. In general, the 800 Section of costs on the HUD1 are going to be about the same as yours or a bit higher for most buyers. Figure $1000 to $1800 excluding origination fee, depending on the lender and the interest rate you're getting.

Good luck,

Steve

This is only a GFE. I'm still picking out the house. I'm getting opinions before i pick my lender and sign on the line. This is the 1st GFE i have received.

Guess i did not make that clear in my 1st post. Sorry.

[austin-steve]

Originally Posted by firedogut

This is only a GFE. I'm still picking out the house. I'm getting opinions before i pick my lender and sign on the line. This is the 1st GFE i have received.

Guess i did not make that clear in my 1st post. Sorry.

Thanks for the clarification.

Steve

[texastrigirl]

I don't pay loan origination fees personally. I have a really good credit score though (800) and I hand them a thoroughly prepared file everytime I go for a GFE. Do your homework up front...it will pay off.

Here's a good article...

Mortgage closing costs you shouldn't have to pay

[hound 109]

Comments below:

Originally Posted by firedogut

because you guys have been so helpful in the past and many times offered really good input please take a look at on more item.

Please take a look at these fees. Let me know if you think they are high or low or fair. I won’t say who the GFE came from in the open forum.

Loan 400,000. 20% down so the loan is for 320,000 30 yr fixed at 5.375%

I would think you could secure a 5% even or 5.125%

Credit score that rate is based on is 675 with 0% debt to income ratio.

This doesn't make sense. When you get the loan you will have debt (so the debt/income ratio can't be -0-.

Closing Costs paid by borrower. 12,161.61

Loan fee 1%-----------3200.00 This fee is negotiable.
Processing fee---------200 Seems low.
Underwriting fee-----225 Also seems low....is this a credit union?
Closing Coordination Fee to MHA----100 Maybe why the underwriting fee is so low. Never seen this
Shipping fee to MHA------100 Also maybe why the underwriting fee is so low..shipping / courrier / wires normally under $50
Document Preparation fee-------200 outside attorney fees, pretty standard.
Funding fee MHA FBO Suntrust----295 Junk fee...looks like this broker is using Suntrust.

total Origination Charges----$4320.00

Closing fee-----250 Title closing expense. standard.
Owners Title insurance---2567.25 state regulated charge....but if this is a purchase the seller will often pay.
Lenders title insurance----250
State of texas title guarantee—5
EPA/Tax deletion---75
Tax certificate-----45
Courier------40 The 5 fees above seem ok.
Total Title charges---3232.35

Govt recording fee----160 ok
Survey----500 Are you buying the house....the seller should pay. Are you refinancing....then provide the old one.
Appraisal fee 400 about right.

Total Estimated closing Costs-----8612.25

Prepaid costs
15 days of interest----716.67
Homeowner insurance—2079 As others have said....should be under $1200 annual premium imo.
Payment to Escrow----3319.98
3 months homeowners insurance---519.99
3 months taxes---2799.99
Total Prepaid…….6116.61 You must be buying...otherwise 3 months wouldn't be enough at this time of year.

Total Closing costs. 14728.86
Closing Costs paid by borrower. 12,161.61 I don't get this. who's paying the other $2500?

[firedogut]

Yes a credit union. Seller paying title INS. That's why the total closing cost and what I'll pay is 2500 more.

[hound 109]

Originally Posted by firedogut

Yes a credit union. Seller paying title INS. That's why the total closing cost and what I'll pay is 2500 more.

(Title ins. paid by seller...gotcha )

Given all the info....to me most of the fees seem reasonable. I wouldn't fight over $50 bucks here or $30 bucks there....BUT...I'd get them to consider reducing the origination (at least 30-50%) as opposed to worrying about alot of the ticky tack fees that are in fact expenses that have to be paid or incurred.

That & I'd have the survey as a topic of any further negotiations with the seller.

[gpurcell]

Insurance seems high...what's the deductible and are you paying for the entire purchase price of the dwelling (as opposed to the replacement value of the structure + household items)?

[firedogut]

Originally Posted by gpurcell

Insurance seems high...what's the deductible and are you paying for the entire purchase price of the dwelling (as opposed to the replacement value of the structure + household items)?

As i stated before the insurance is a just a ballpark the bank gave me. I wil be shopping around for a much lower rate

[Austin97]

Originally Posted by firedogut

As i stated before the insurance is a just a ballpark the bank gave me. I wil be shopping around for a much lower rate

When originally bought my house I had no idea what I was doing. I showed up and they charged me about 11K in fees. This was for a 320K loan with a little over 6% interest rate. I was pretty pissed about the cost so I vowed to look more closely later.

The 1% loan origination fee is one that you may be able to negotiate down to a much more reasonable level. That is going to be the most bang for your buck. The only issue is your credit score. Mine is around 780 so Im not sure what boundaries you are crossing.

However, I went to bankrate.com and just called down the list and got estimates. Typically though mortgage brokers in town were amazingly able to match the bankrate.com rates after I told them about them. Imagine that...

I would look for 5.375 or whatever the prevailing rate is with no points down.