Forgotten Your Password?

Need to Register?

Question Icon

closing cost

by sridhar karra from Franklin, Tennessee. Dec 18th 2012 Reply


Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,828 contributions

Every loan has them. I'm assuming there is more to your question. Please expand and we can help. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Dec 18th 2012
1
0
Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Good Faith Estimate

Dec 18th 2012
1
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

No such thing as a free ride!!.. anyone telling you differently is lying... all loans have closing costs.. appraisers dont work for free, title companies dont insure properties for free, loan officers dont work for free.. so somewhere in your loan you will be paying for it.. either in added costs to your new loan, or added cash out of pocket, or by paying a higher interest rate, but in any of those scenarios, you are paying for it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Dec 18th 2012
1
0
Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

More info please. Maybe your full question didn't post?

Dec 18th 2012
0
0
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 226 contributions

Every loan is different, you would have to expand your question.I am located in Murfreesboro, TN. Do you have a good faith estimate, if so you can email or fax to me whichever is easier so I can review for you.Thanksnancy@homeequitymtg.com615-867-3060615-867-6926 Fax

Dec 18th 2012
0
0
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

William answered it precisely.

Dec 18th 2012
0
0

Sorry all. Some how my question was not posted correctly.In Franklin, TN (37067) for a 450K new construction, builders lender gave me following GFE (about 2 months back). Can someone review and confirm if they are fare OR insanly high?Sales price : 450k, 10% downpymt, 80% first loan and 10% second loan. Credit score - 750+. Int rate - 3.75%. The rate is not locked yet.1. Origination fee - $49702. Appraisal fee - 4003. Final inspection fee - 1004. Title services and lenders title ins - 5005. Owners title ins - 2894.96. Survey - 2257. Govt recording charges - 1258. Transfer taxes - 21199. Initial deposit to escrow - 2052.2410. Daily int rates - 683.77 (for 15 days)11. Home owners ins - 84012. If i want to go for 90% with PMI - 7631.1013. Lenders credit 13801.00 (@ 3.99) (lender is giving us this credit for high apr)Which of these seem high?

Dec 19th 2012
0
0
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 226 contributions

If you want to email the GFE or closing costs sheet you have maybe I can figure it out for you. As I said I am here in Murfreesboro, TN.nancy@homeequitymtg.com fax is 615-867-6926ThanksNancy Releford

Dec 19th 2012
0
0
Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,828 contributions

Without even looking I can tell you that the closing costs are going to be much higher than from almost any other lender. The builder wants to make sure his pet lender gets your loan. Why? Usually he has a financial stake in you using them. To entice you to use them, they will usually do something like "$5,000 in free upgrades" if you use his lender. The reality is that these upgrades only cost the builder a $100 or so to actually build into the home, and many times they are upgrades you wouldn't pay full price for anyway. But you end up paying a higher rate and higher closing costs and the builder puts way more cash/profit in his pocket. Also, many times the rate they quote at the beginning are real competitive, but when it comes time to lock the rate, your locked rate will be 1/4 % or more above what you could have locked with had you used a Licensed Mortgage Banker/Broker. For a real test as to how outrageous they are, apply with a local Mortgage Professional. And compare closing costs. Don't just look at the closing costs, but also how much extra interest you will be paying each year. This is the real burden you are taking on. Good luck. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Dec 19th 2012
0
0
John Schweer (johnschweer)
#9 ranked lender in Missouri - 163 contributions

at first glance it appears to high, it sounds like a person discussion and review is in order. Im available to speak on the phone or via email. and would be happy to give you a second opnion with no obligation. John Schweer Sr Mortgage Loan OriginatorOffice: 816-412-3568Fax: 816-410-2754Email: jschweer@dfckc.com

Dec 19th 2012
0
0
Subscribe to our news feed.