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Old 08-07-2009, 01:01 AM
 
Location: New York
427 posts, read 1,178,817 times
Reputation: 193

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Here is a partial look at my good faith estimate. the first part is what I am concerned with. This is a small bank, not a broker. Or so I was told. House is located in NY.
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Good faith estimate, am I being overcharged?-goodfaith1.jpg   Good faith estimate, am I being overcharged?-goodfaith2.jpg  
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Old 08-07-2009, 01:06 AM
 
Location: New York
427 posts, read 1,178,817 times
Reputation: 193
3rd part...

I am putting 15k down and getting a 15k grant. I am also getting 14,900 sellers concession to go towards closing.
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Old 08-07-2009, 05:48 AM
 
Location: Plano, Texas
1,675 posts, read 6,616,819 times
Reputation: 693
The only fees i would question would be the application fee. Basically, they are charging you $395 just to take the loan application. If they were not charging origination, i could than understand an app fee, but with the 1 point loan origination i think that is unjustifed.

Also, the 795 closing escrow fee seems extremely high. I only do loans in Texas and costs to vary from state to state. In Texas, that closing escrow fee is anywhere from 250 to 450. Lastly, the title insurance. Again, in Texas the seller of the home pays for the title insurance and the buyer only pays for a buyer policy which is typically 250.

Hopefully a experienced mortgage professional from New York can respond to your post with better information.

Other than what i mentioned above, all other fees are very reasonable.
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Old 08-07-2009, 05:09 PM
 
Location: New York
427 posts, read 1,178,817 times
Reputation: 193
Thanks Victor!
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