Posted on: 03rd Mar, 2009 05:29 pm
I was referred to a mortgage company and am reviewing some documents. I'd like an opinion on the rates and fees they've offered. I know the two will differ, but the APR seems to me much higher than the good faith rate. I have a credit score in the 790-800 range for the record. What do you all say?
Good Faith Estimate:
Loan Amount: $123,500 5% 30 Years
Loan Origination Fee - $1235
Appraisal Fee: $375
Credit Report: $30
Tax Related Service Fee: $98
Processing Fee: $295
Underwriting Fee: $350
Flood Certification: $28
Closing/Escrow Fee: $250
Title Insurance: $200
Courier Fee: $50
Recording Fees: $130
Attorney Fees (Doc prep) 1st: $200
Attorney Fees (Doc prep) 2nd: $100
Estimated Closing Costs: $3341
Truth-In-Lending Disclosure:
Annual Percentage Rate: 6.266%
Finance Charge: $147,579.63
Amount Financed: $120,732.41
Good Faith Estimate:
Loan Amount: $123,500 5% 30 Years
Loan Origination Fee - $1235
Appraisal Fee: $375
Credit Report: $30
Tax Related Service Fee: $98
Processing Fee: $295
Underwriting Fee: $350
Flood Certification: $28
Closing/Escrow Fee: $250
Title Insurance: $200
Courier Fee: $50
Recording Fees: $130
Attorney Fees (Doc prep) 1st: $200
Attorney Fees (Doc prep) 2nd: $100
Estimated Closing Costs: $3341
Truth-In-Lending Disclosure:
Annual Percentage Rate: 6.266%
Finance Charge: $147,579.63
Amount Financed: $120,732.41
I was working with a "national" company recently to get a mortgage. There was a lot of back and forth with them and they didn't do their job well. We were told we needed to pay them a $400 deposit for them to start work on our loan (which would be used for fees, such as the appraisal)....things got very messy, too many documents, things not moving, etc. so I decided to pull the plug and go with a local mortgage broker, who got everything done very quickly and we are going to closing soon. I contacted the other company and requested my deposit back. Of course they said No and gave me some crap answer why. My new guy asked me about the Good Faith Estimate from them (never got that) and he said that the new law that went into effect Aug.1 states that you have to give a GFE within 3 days of receiving $$ from someone or you are in trouble. Do you know anything about this and any suggestions on how I can get my deposit back?
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