Good Faith Estimate...does this look fair?

[renriq02]

1. ALL fees paid in connection with the loan must be in the HUD...they will also have to be on the GFE. (Vary per state)

2. I feel like this guy didn't break down your GFE the way it should be, and will only leave more room for something wrong to happen.

I always break down the fees ...even for the attorneys.
I HIGHLY doubt the recording fees are 300.

What state are you in?

If you're approved, and 'ready to close' then ask him for the HUD.

Tell him you're not going to close until you get the HUD.
There has been too many changes that would make me really cautious.

Once you get a copy of the HUD then post it back here, and we'll give you our expert opinion.

I feel confident that there are going to be a lot more fees OR you will notice the recording fee drop to 100...and the rest of it going somewhere in the lender fees.
You will still be paying the same but some brokers do this to 'hide' their fees.


One more thing....EVEN AFTER YOU CLOSE....you still have 3 days to say NO to the loan AND the lender HAS to REFUND EVERYTHING you paid in connection with the loan......this means the 'lock fee' also.
You can only do this during the rescission period

Originally Posted by eire6678

This was the original GFE....the new one will be 6% w/ $250 less in fees. Please tell me why you feel not so good about this GFE I value your opinions. Also, please note we paid$750 to "lock" that is not shown here. Supposedly we will be getting it back at closing...how would that show up on newGFE?

[ShanetheMortgageMan]

The $750 lock fee would show up as "POC", like the appraisal does, and then there would also be a $750 credit towards your closing costs from the lender.

[kani-lehua]

aloha back at ya:

I had to click on the thumbnail twice, once to enlarge it a little, then the second time to get it full screen.

mahalo for the information.

Also, you might want to create a brand new thread for your own situation. That way it'll avoid cross posting of yours and the original posters situation, and lead to less confusion among readers and people who are trying to help. I've quoted you to make sure everyone knew I was replying to you.

you're right. sorry, my frustrations got the best of me.

Why isn't the lender who pre-approved you able to give you a loan commitment?

the lender who pre-approved us and sent the pre-disclosure packet doesn't believe that it will be an owner occupied residence. says it sounds like an investment. the underwriter also said it would cost too much to fly back and forth from the big island for current job. even though second buyer, myself, would be a family caregiver to mom at $1700/mth. she currently pays two other caregivers $1900/mth and has several years history of doing so. i on the other hand have been doing it for the last 7 years or so without getting paid.

Sounds like you've applied a couple other places too - what was the reason for you not getting a loan at those other places?

mortgage broker has tried central pacific bank and countrywide which were rejected for the same reason.

I'm thinking it has something to do with the property since your credit & income obviously checks out at first, then you don't get the loan after an appraisal...

i don't believe it has to do with the property. it's only 4 years old. purchase price $185 with 20% down or more. very few repairs and other contingencies. credit score buyer A: 800 buyer B: 803

Are you buying this as a second home or non-owner occupied home?

owner occupied. was even indicated on the pre-disclosure from metlife.

Where on the Big Island? Is the home in a lava flow zone 1 through 3?

fern forest subdivision, mountain view. lava zone 3. no problems getting insurance.

thanks for your time. the mortgage lender is currently looking into a "portfolio" loan/first mortgage on our current residence which has no debt/mortgage and is valued at app. $800k. assessed value: $1million.

mahalo,

kani-lehua

[ShanetheMortgageMan]

Now that we know the issue is the occupancy status, what is the full situation for employment, living, etc? Unless you own your own private plan, or are pretty wealthy (which you could be), it's going to be hard for an underwriter to accept the fact that you commuting every day from the Big Island to another (Maui, Oahu, etc.) for employment. Plus to buy a $185k home when you already have a home appraised at $800k - looks like you are downgrading, and that doesn't help an underwriter feel any easier.

Also, even though you can get insurnace on a home in a Flow Zone 3 not all lenders will accept a property in one. I'm looking at several of my lender guidelines and under ineligible properties many of them say "Lava Flow Zones 1 through 3".

[kani-lehua]

please refer to, "owner occupant vs. investment property thread" for replies to your last post, shane.