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Old 01-29-2013, 02:27 PM
 
3 posts, read 5,697 times
Reputation: 10

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Hello,

If someone would be so kind as to take a quick gander at the GFE I got today from my bank and let me know if it looks reasonable, I would VERY MUCH appreciate it. A broker has offered to get me the same interest terms but with only a $250 fee, however I'm worried that the broker will not be able to get my application through as fast as my bank. If anyone has any feedback it is greatly appreciated.

By the way, in case it's relevant; I'm a first time homebuyer seeking an FHA loan with a FICO of 700 in Chicago, Illinois.

Thanks!
Attached Thumbnails
Please review GFE-help very much needed!-doc_04.jpg   Please review GFE-help very much needed!-doc_05.jpg   Please review GFE-help very much needed!-doc_06.jpg  
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Old 01-29-2013, 02:38 PM
 
1,784 posts, read 2,982,410 times
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I'm not sure what you/he means by "only a $250 fee". As in, he'll give you an extra $9500 credit at closing? Because I would find that hard to believe for 3.25%.
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Old 01-29-2013, 02:52 PM
 
3 posts, read 5,697 times
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Sorry, what she meant is the only lender charges are the $250 fee with her mortgage. All other charges (prepaid items, recording, downpayment, etc) would be in addition to that $250 fee.

The attached GFE is the offer from my bank.

I'm still in attorney review and have about a day and a half to decide where to apply for the mortgage.

Oh, and the seller is giving me 4k towards closing costs.
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Old 01-29-2013, 02:58 PM
 
Location: Austin
7,187 posts, read 17,704,916 times
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In my neck of the woods, the Banks are completely bogged down with so much stuff like loan modifications, refinances, regular loans, ect, that they are taking 45-60 days to get a deal closed. Brokers, who work on the wholesale side and work with a completely different group of people can get them done in 3-5 weeks. Your market might be different, but in mine, you're foolish to go to the bank directly.
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Old 01-29-2013, 05:30 PM
 
3,526 posts, read 7,658,614 times
Reputation: 4385
YOU SAID THE MAGIC WORDS!!!

"I'm worried that the broker will not be able to get my application through as fast as my bank."

So, how much is it worth to you to actually get the transaction completed as described? Or would you rather get the bottom-dollar deal, and MAYBE close in 2-3 months, after never getting updates, constantly having to leave messages, and being told over and over again, "I'll check and get back to you."

You are about to get what you are willing to pay for. Check back in and tell us your thoughts if it closes.
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Old 01-29-2013, 05:36 PM
 
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I have no idea which will actually close faster, unfortunately. I am looking for feedback bout which one is better, and I would pay more for the assurance of a faster close. They've both been very responsive so far and I am already conditionally approved with the bank, but I just don't know which one is safer to commit to. I also don't want to be taken advantage of, financially. Thanks for your insight.

The bank is PNC if that makes any difference.
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Old 01-29-2013, 11:46 PM
 
1,784 posts, read 2,982,410 times
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Quote:
Originally Posted by missalissa View Post
Sorry, what she meant is the only lender charges are the $250 fee with her mortgage. All other charges (prepaid items, recording, downpayment, etc) would be in addition to that $250 fee.

The attached GFE is the offer from my bank.

I'm still in attorney review and have about a day and a half to decide where to apply for the mortgage.

Oh, and the seller is giving me 4k towards closing costs.
Well, if you still have to pay the big-ticket items like the appraisal, two title insurances, the up-front PMI, and the transfer taxes, I'm not really sure of the difference. In fact, that could be more depending on what the apples-to-apples comparison is, since your lender "origination charge" is actually negative on the attached image due to the credit.
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