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Old 05-03-2009, 03:23 PM
 
Location: Maine!
470 posts, read 1,717,521 times
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i saw this a thread on this and was wondering the same:

"I was just wondering if anyone has closed recently what was the difference in your experience, if your willing to share?"

i thought this was the better forum to pose the question as we have just entered into our first contract (yay!) and as we do have a GFE from our lender, i'm curious.
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Old 05-03-2009, 11:44 PM
 
Location: Texas
5,873 posts, read 7,243,553 times
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If your difference in rate from the initial GFE and final is more than .125 off, your loan officer IS REQUIRED BY LAW, to give you a new GFE w/ new disclosures. There is also a dollar amount, but don't recall off top of my head.
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Old 05-04-2009, 11:03 AM
 
995 posts, read 3,676,220 times
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Quote:
Originally Posted by thechappells View Post
i saw this a thread on this and was wondering the same:

"I was just wondering if anyone has closed recently what was the difference in your experience, if your willing to share?"

i thought this was the better forum to pose the question as we have just entered into our first contract (yay!) and as we do have a GFE from our lender, i'm curious.
Congrats on your contract!

The difficulty of GFE is that there are many costs that the lender can't control, AKA 3rd party fees. Your attorney should be able to provide you with better estimates on these.

If you really want to do the homework, get estimates from
1. your lender
2. your attorney
3. insurance agent

and then combine them in a spreadsheet. Your final numbers will be very close to your calculation. In my case, it was $200 off in my favor due to max. overage escrow account balance (forgot the exact wording).
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