Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Feedback on GFE

Posted on: 16th May, 2012 02:47 am
Just got a GFE from a broker on a loan amount of 350k and wanted to get some feedback.

Rate = 3.875
801 = 7k
802 = 11k

Is this standard? With the 801 fee the APR is slightly north of 4.
I personally don't ind anything wrong in the GFE that you have received from the lender.
Posted on: 16th May, 2012 03:24 am
Notaone;

It seems to me like you are dealing with a Mortgage Broker or a Direct Lender, thats why the fees are a bit high. They will apply on your behalf to a bank and charge a middle party fee to do so. Unless you are a subprime borrower, there is no reason your closing costs should be 18k. I represent a true Federally Chartered Bank. I can secure the same loan for you and cut out the middle man saving you a good portion of those fees. Please contact me at your convenience and I would be happy to go over your options.

Best Regards;
Posted on: 16th May, 2012 08:53 am
dmitriy,

Sorry, that was a typo. Line 802 was supposed to be -11k as an origination credit.
Posted on: 16th May, 2012 09:50 am
Are you working with a Mortgage Broker or a Direct Lender?
Posted on: 16th May, 2012 10:29 am
Mortgage Broker. It's a lender paid broker fee.
Posted on: 16th May, 2012 10:31 am
It will be paid by the bank that the broker is bringing your loan to. If you go directly through the bank and bypass the broker, you can cut them out of the deal and use those funds to secure yourself a lower rate or take them as cash out. The Mortgage Broker is just applying on your behalf, you can get the same deal going directly to the source.

Best Regards;
Posted on: 16th May, 2012 10:45 am
Your origination is $7,000 on a lender paid plan. Your broker is recieving the 7k and you are getting a credit for your closing costs of 4k. You can have the rate lowered and receive no credit. Whatever anyone tells, you, they are basically the same. A broker needs to make a proffit, and so does a direct lender. Brokers though, must disclose the total received by the lender, or the 11k. Lenders can just show no closing cost, and keep the unused portion of the YSP.
Posted on: 16th May, 2012 11:53 am
Thanks for sharing your opinion, Guest!! :)
Posted on: 20th May, 2012 08:16 pm
Page loaded in 0.135 seconds.