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hi, was wondering if someone can help, i am confused on this whole process, it seems so different than a few years back.
1) contract signed and out of attorney review
2) locked in mortgage (via broker)
3) lender appraisal completed
What's next? between my realtor, attorney, mortgage broker, and underwriter, noone seem to be driving this forward once the appraisal is done.
Also I received a package in the mail from my lender/underriter, it wants me to sign many papers stating i understand the lender is getting commission for using their title insurance company, the private disclosure, the fees, also there is a GFE in it. Total about 50 pages. I dont feel comfortable signing them because the GFE closing fees seem very high ($7000 total for a 342k loan with no points).
Should i talk with my attorney, or the broker, or the underwrite to explain the GFE fees, and also what is needed to move this forward.
This is especially strange because a few years back when i bought a different place using the same attorney, the attorney took care of everything i just had to go at end and sign. I am using the same attorney now but it seems i am the one dealing with all the paperwork with the lender.
Without knowing the situation for transfer tax and such the GFE could be spot on, but if you do not feel comfortable you NEED to get answers. If your real estate agent is not forthcoming talk to the broker. If that goes nowhere get a new attorney. I would also suggest, especially if you already are member, setting up an appointment with the mortgage specialist at a credit union. The really have no reason not to tell you whether your deal looks OK or is hinky...
i guess it boils down to understanding the GFE. It's for a 342k mortgage on a 380k loan for a condo (10% down + pmi). Here are the fees with doubts, can you guys tell me if it's reasonable. I dont want to go argue with the lender if it's just standard fee. Thanks
811: application fee $300 (this is suppose to be the only fee the lender charges, and it includes appraisal fee)
901: interest 18 days at 51.0625 per day: $919.13 (this is standard i think?)
1001: hazard insurance $379 for 6mos: Why do i need to pay hazard insurance if my condo HOA fees already cover it?
1102: abstract/title search: $105
1104: title insurance binder: $1900
1203: state tax/Stamps: $400 (standard i think)
1300: ADDITIONAL SETTLEMENT CHARGE
1301: Survey: $600 ( i think this is bogus, what is survey fee?)
1306: Additional title fees and endorseme to $400 (bogus too? what is this)
Don't forget the fees on the GFE are just estimates. Your title search will be way more than that. Then you will also have recording fees. Line 1301 is legit and required, may cost more though. You should expect to bring around 7-9k more at closing.
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