Posted on: 08th Jun, 2011 09:28 pm
I just received an itemization for my closing two of my charges include a funding fee of $495.00 and MIP premium(financed) At $1730.00 by me. Does this sound right?
Thanks
Thanks
Hi valeskamatsue!
Welcome to forums!
You haven't mentioned the loan amount. But it sounds more or less correct. Nevertheless, if you have your doubts, then you should contact your lender and ask him explain the costs in detail.
Sussane
Welcome to forums!
You haven't mentioned the loan amount. But it sounds more or less correct. Nevertheless, if you have your doubts, then you should contact your lender and ask him explain the costs in detail.
Sussane
Do you mean you closed on a loan and this is the first time you became aware of these charges?
The $1730 looks like is the 1% upfront MIP fee the FHA charges ($173,000 loan?) but I'm not sure exactly what the $495 funding fee is for.
If you did in fact close on the loan, you should have seen these fees show up on a GFE that you should have gotten shortly after applying for the loan. At that time you should have questioned anything you weren't certain about. If you didn't get a GFE or these items were not listed than that's another issue altogether.
The $1730 looks like is the 1% upfront MIP fee the FHA charges ($173,000 loan?) but I'm not sure exactly what the $495 funding fee is for.
If you did in fact close on the loan, you should have seen these fees show up on a GFE that you should have gotten shortly after applying for the loan. At that time you should have questioned anything you weren't certain about. If you didn't get a GFE or these items were not listed than that's another issue altogether.
Unfortunately, without knowing the other numbers you were provided, we can't really determine fairness.
Seeming right isn't what you're looking for, but it appears that it's the best that can be done for you in this case.
Seeming right isn't what you're looking for, but it appears that it's the best that can be done for you in this case.
