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Old 01-25-2009, 05:36 PM
 
Location: Ocean County, NJ
228 posts, read 1,152,131 times
Reputation: 111

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I just submitted a loan app on Friday. I have a 785 credit score and am putting down about 37% on a new home in New Jersey. I understand most of the figures but wonder if anyone wouldn't mind looking at the GFE I got and let me know their thoughts?

Also, the builder is contributing $7500 towards my closing costs and $8450 towards my upgrades if I use their mortgage company.

What I'd like to know is... which of these dollar amounts are considered part of my closing costs? Are all of them closing costs? Since I'm putting a decent amount of money down on the house it keeps my closing costs lower which means I might be able to buy an extra point to lower my interest rate.

Also are any of these numbers the titling fees? I have a friend of the family that does titling and offered to do it for free. I imagine that should save me about $400 or so.

What line items can I try to negotiate? Is it worth going with another finance company and lose out on the ~$16000 in freebies?

Appreciate anyone's input.
Attached Thumbnails
Can you look at my Good Faith Estimate-gfe.jpg  
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Old 01-25-2009, 06:27 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,038,574 times
Reputation: 1008
umm none

you're getting a good mortgage deal which means they are making the money somewhere else....like the price of your home
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Old 01-25-2009, 07:34 PM
 
Location: MID ATLANTIC
8,430 posts, read 21,699,130 times
Reputation: 9962
Ah, but it's only a good deal if that is the rate you are locked at.....if they are telling you to float, that a lock is not available now, well, then, it's a question that really can't be answered now.

What really matters is the rate when you go to lock. I'm willing to wager when you do go to lock (in a few months from now), you will find your rate a bit higher than the competition.

Even then, it will probably be a good deal, just be sure to shop them when you lock so you can keep them honest.
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Old 01-26-2009, 09:37 AM
 
Location: Ocean County, NJ
228 posts, read 1,152,131 times
Reputation: 111
Well, right now it is floating since I don't close until May or June.
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Old 12-04-2009, 01:19 PM
 
1 posts, read 2,549 times
Reputation: 10
Default GFE Help

I am glad I found this forum. Can someone take a look at this GFE and let me know what they think? I don't have that much experience and would love a second opinion. thanks.
Attached Files
File Type: pdf ParsonsGFE[2].pdf (201.7 KB, 1195 views)
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