Lowest Mortgage Rates with Lender411
Login | Register (FREE!)
  • Refinance
  • Buying a Home
  • Loan Quote
  • Mortgage Rates
  • Find a Lender
  • Ask a Question
  • Credit
  • Mortgage Calculators
  • News & Blog
What is the Refinance / Payoffs line item in a GFE?

On my GFE I just noticed something else changed when I got the admin fee removed (about $350). In the Transaction Summary section, there is a column that has Purchase Price, Refinance / Payoffs, Est Closing Costs, Est Prepaid Items, and then a total for all that. What is Refinance / Payoffs? It went from 0 to $865. Instead of my overall cost going down $350, it went up about $500. If anyone can give me a heads up on this before I ask my lender, that'd be great. Clearwater,FL | Nov 16th 2009
by stevea1979
Answer


by Eleanor...

If you are paying off a 2nd mortgage or equity line that might be the fee the lender is charging? Other than that - if it is a purchase - I have no idea. Sorry!

Nov 16th 2009
0
0
by LHARVEY

That is definitely something you need to have your lender explain. It is sometimes confusing to a borrower when totals are just shown on a summary type GFE. You have a right to have all fees fully explained to you.

Nov 17th 2009
0
0

  • Question
  • Recent Questions

Ask a Question

Get this widget
Get this widget
Copyright © 2012 Lender411.com. All rights reserved. Subscribe to our news feed.
Company Info
  • Home
  • About Lender411.com
  • Contact Us
  • Press
  • Site Map
For Consumers
  • Today's Mortgage Rates
  • Current Refinance Rates
  • Popular Loan Programs
  • No Closing Cost Refinance
  • HARP 2 Refinance Program
  • HARP 2.0 Eligibility Guidelines
For Professionals
  • Advertising
  • Mortgage Marketing
  • Mortgage Leads
  • Mortgage Calculators
  • Mortgage Blog
  • Free Mortgage Content
  • Mortgage Widgets
  • door_in Login | Register
Legal
  • Privacy Policy
  • Terms of Use