Your Questions About Check My Mortgage Loan

Donna asks…

i have never checked my credit report until now..it says i opened a mortage loan….?

Your credit file indicates you may have a mortgage loan, opened in or around November 2004. Who is the credit provider for this account? Does this mean someone has been stealing my identity and using my ss number?

admin answers:

I assume you are using are referring to the security questions they ask when you verify your credit report. This is just a question they ask. If you didn’t just say no. Saying yes will be the wrong answer and you won’t be able to verify your identity.

David asks…

What mortgage rate & terms can I expect with 0 down and excellent credit?

I see this question over and over again on Answers when you have poor credit… what about with excellent credit?

I want a credit check with my loan… I want the best possible rate!

What kind rate of could I expect and where/who should I go to?

Which would cost me less in the long run, 0% down or a 20/80?
I can get a 5.875% now with no points and no down payment? Can someone direct me towards a particular bank or web site where I can do some research? My banks are Regions and ETrade… I don’t really trust either one for a home loan!

admin answers:

Assuming you do not want to pay points,
Conventional: 5.875%
VA: 5.625%

Those were rates as of today. If you’re doing Conventional, it’s cheaper in the long run to do a 100% loan paying PMI vs. An 80/20. This is so because eventually the PMI will go away, whereas the higher rate 2nd mortgage won’t go away until its paid off. Also, through 2010 (for now anway) PMI is 100% tax deductible if you make less than $100,000 per year.

Be careful though when shopping lenders, don’t just shop for the lowest rate, shop the fees also. One lender may quote you a lower rate but be charging you more in fees to get it. Also, get everything in writing! Best way to compare apples to apples is by getting a Good Faith Estimate, which disclosures the terms, rate and fees.

Thomas asks…

Getting free financial advice?

I live in melbourne, australia, and I need someone to check over my home loan mortgage details, to ensure that the bank is not ripping me off, (cause I dont trust them) I only stay with them cause they have a low interest rate, is there a free financial counselling service where you can get help.?

admin answers:

You need a lawyer to look over the loan papers.
Financial counselling helps you to keep your bills paid.

Chris asks…

If I want to file a complaint against a mortgage broker, how do I proceed?

I applied for a loan with a mortgage broker but I did not take it as I got a better rate elsewhere. I was charged $810 ($790 for processing + $20 for credit report.) for getting the loan approved (conditionally). Appraisal was not done, so I wasn’t charged for that. I was forced to give a check for $810 and the check has already been cashed. It hurts to pay so much money for a loan that I did not take. How do I get my money back? Is this a RESPA violation? Who do I file a compaint with? Please advice.

PS: I live in California and the loan is 80/15/5 (piggyback). They gave me a good faith estimate ($495 for 80%loan + $295 for 20% loan)

admin answers:

If you want to file a complaint against a mortgage broker in California, First thing to do is Contact the DRE (Dept. Of Real Estate) Dre.ca.gov

Mandy asks…

Why the hell is it so hard for a mortgage underwriter to approve a home loan?

I have given all but my left my testicle as far as requested information for approval of this loan. In fact, even if they were to ask for my left testicle and I gave it to them, they would turn around next week and ask for the right one. I really don’t understand to who’s advantage it would be to hold on to documents that long and not have made a sound decision either to approve or deny. I’m quite sure there are guidelines and policies that change all the time, but training is provided and they should be a able to determine the first time, whether or not I am capable of maintaining mortgage payments for the amount being borrowed. The bank makes money off of me for the next 30 years, and still I must jump hurdles to pay them? What am I missing? Perfect credit, federally employed, debt ration=A1, assets $30K, etc..”hmmmmm, let’s double, triple, quadruple check to make sure he’s eligible!’ FUCK OFF Wells Fargo!!!!
So what if I paid for the house in cash? Would the same rules and guidelines apply?

admin answers:

You are probably going through a mortgage broker vs. A direct lender. Many direct lenders, the mortgage processor and the underwriter are the same person. The other possible answer is that you are a marginal borrower and the lender is trying to get more information so that he can justify making the loan. Obviously the lender sees something in your file that bothers him and he his trying to get it resolved.

Your broker might be shopping your loan package around to many different lenders, because the first one(s) turned you down.

If you paid cash nobody would care if have good or bad credit. There are no lending rules if you pay cash. You wouldn’t have to pay anything back.

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Your Questions About Check My Mortgage Balance

George asks…

how can i pay off my mortgage fast without changing any of my current spending habits?

I have been looking into this HELOC (Home Equity Line Of Credit)plan. Which is: You open a HELOC, which is a revolving account that comes with a debit card and a book of checks. Say your home is worth 80,000 and your current balance is 75,000. Well, you can get a HELOC of 5,000. You dont spend this money. You just leave it where it is. This is where it gets interesting. When you get paid you start using this HELOC account as your checking account. Say you get paid 2500 every 2 wks. When you make your deposit of 2500. Your daily periodic balance that you will be charged interest on is going to be 72,500. As you pay your bills and living expences for that 2 wk period you may only have 500 dollars of the 2500 you put in. This will leave you principle at 74,500 for the remainder of the 14 days of intrst . You get paid again. Put another 2500 in this account. You again leave 500 in, and you make a house payment of 700. Which has been in the account the entire time anyway. Will this work?

admin answers:

The HELOC usually has a much higher interest rate than your mortgage- around 8% or so…

Instead try taking any extra money that you have and putting it into a mutual fund… Over time it should grow at a faster % rate than your mortgage interest rate, so you should be able to pay it off earlier than if you’d just sent those extra monies in on the mortgage right away.

Laura asks…

Can collectors such as “Countrywide/Bank of America” continue to harass you after bankruptcy?

I logged into my bank account yesterday and noticed that Bank of America had some type of mortgage account open. Okay…Bank of America brought Countrywide out a while back and I could understand that. But, I filed for bankruptcy in 2008 and was discharged by the courts in Jan 2009 for all of my debts “Fresh Start”. They actually have the amount of my old mortgage balance posted in my account lineup. I had only one checking account before noticing this yesterday. I am going to contact the lawyers tomorrow to see if this is a form of harassment. I am tired of Bank of America. I talk to a representative on the phone and he said I still have an existing mortgage account with them so that’s why its up there. I told him I am not going to sit on the phone and argue with him I will just call my lawyer and get things straight. Any advice would be nice. Thanks

admin answers:

If this item was listed in your bankruptcy petition they can not call you

Sandy asks…

Reporting Tax in Restaurant Business?

I used to work in a restaurant for 2 months, but my boss have not report ANY to the IRS. So the income was totally in cash (my tips) and a personal check from him ( for hours ).

Now, i can’t balance my account, as i make payment for my mortgage. Is any ways to get this done without make my boss in trouble???

admin answers:

IRS does not care how you paid your mortgage
you want to balance just say it was a gift of cash from your mother. Boyfriend or who ever. Or you could have went to Vegas and won the cash. You could have taken the money out of your bed matress where you stored it over the years
f it is under 10,000 there is no problem or taxes if it was a gift

Charles asks…

Is a Good Faith estimate a legal contract?

I am about to sign a good faith estimate . I have had some concerns about my broker. They seem to be trying to screw me the more and more I deal with them. Would I get any penalties against me for signing and handing in paperwork , then switching mortgage companies? Will I get charged regardless? As of right now they have my check stubs and bank account balance, but as far as I know I haven’t signed anything that says they can charge me.

I am going with countrywide, are they relatively fair with everything?
The house is a foreclosure and we are dealing with a VA loan. I was told that the VA loan usually don’t approve foreclosures. So now we are going to go ahead and get a back up 100% conventional back up loan.

admin answers:

Dont worry, you can go ahead and sign it. To sign a GFE means the lender already present it to you and you sign to verified you receive and aknowlegde the receipt of a copy of GFE.

When you go with any lender, you should not be charged anything up front if you are going with a mortgage broker.

Feel free to contact me with any questions.
Www.raymondtsai.com

Ruth asks…

Credit life insurance?

My mom passed away in sept. of cancer. She had a $100,000 balance on her mortgage loan. Now I just recieved a letter stating that her credit insurance had gone through and a check had been sent to her mortgage account number. I have never even heard of credit insurance, does this mean the remainder of her loan is gonna be paid off??? If so I am in shock.
Well we just got a lawyer and my brothers and I will be in trust of her estate. My mom died kind-a suddenly and she never kept good records..we actually have a meeting w/her bank/mortgage company tommorow.

admin answers:

Check with the mortgage life insurance or credit life insurance company. Also the mortgage holder (bank) should answer that question. Simply ask if the balance is paid off with the credit insurance.

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Your Questions About Check My Mortgage Application

Sharon asks…

What type of lawyer do I get to Sue a mortgage comapny?

I recieved my first mortgage payment that I pay to the bank while the process of my loan being sold takes place. The mortgage company made an error and want me to pay more that what was agreed on at signing. I have a document that shows the final dollar amount is $671 and get the bill and it shows $721 and the final HUD document with the FHA breakdown has the mortgage insurance included in the $671 and they only document showing $721 is my loan application. At no point was I given any information showing the error and the manager at the bank said someone must have checked the wrong box. What type of lawyer should I go to for them to review my claim?Thanks for the help and you provide a great service here. 🙂

Steven yahoo follower 4 a long time

admin answers:

Any real estate attorney. A contracts attorney would be fine as well. Keep in mind though, the going rate for a lawyer these days is $250 and hour. So that could make it expensive quickly.

I would suggest you contact the state attorney generals office. They handle these cases often, and they do it for free.

Chris asks…

is my mortgage broker ripping us off?

So, my husband and i went with a mortgage broker. her sales pitch sounds great! we still think it does but are now skeptical. she says taht she is waiving us any origination fees (processing and application fees). she says she gets rates much lower because the banks dont pay her a salary. they give her great rates because she brings in people from the outside that arent going directly to the bank. the rate she gave us was 3.875 for a 30 yr with paying .80 point which we agreed to. the commitment we just received said the origination fees is 6700. when i questioned her, she said thats a mistake and to look at the good faith estimate she wrote up. she says that the disclosed yield spread is a maximum of 3187.10 and is paid by the bank directly. all this sounds like gibberish to me. our lawyer left me a message when he saw the mistake on the commitment letter basically saying we’re getting ripped off. he left for the day so i cant speak to him about this. i pretty much have to make a decision by the weekend.

So, my question to you… does it sound like i’m getting screwed? i just dont understand this stuff!!! we’re not cutting her any checks so how does she get her money?

admin answers:

Her compensation is coming from the bank. The bank is paying her because she is setting you up with a slightly above-market interest rate. Remember, nothing is for free. There are costs associated doing a mortgage loan, and your broker is working to make money. She obviously gets paid for what she does. I do think that it is important that a broker takes the time to make you feel comfortable and explain the numbers. Real Estate/Mortgage transactions are complicated and are typically the largest that most people deal with in their lives.

As to whether she is “ripping you off”, it is hard to say without more facts (loan size, etc). 3.875% on a 30 year fixed sounds like a great rate. Please also make sure that you have considered that property taxes are coming due and that most lenders are requiring that the upcoming installment be paid prior to close.

Donna asks…

My credit score=excellent, hubbys=fair..how credit worthy?

We recently checked our credit score and report we want to buy our first property and need to put through a mortgage application. My score is excellent however his one is ‘fair’ as he had a terribly credit past…he has worked hard to get it back to a reasonable standard but he is still only ‘fair’.

How will that affect our mortgage application?
this is a uk-based question only

admin answers:

Do you have any credit card balances?
Pay them off in full to give your credit rating a quick boost.
Never allow your credit card usage to go above 30% of your available credit limits.
This is when the score starts reducing.
That’s why it is so much simpler just to use your card for things you need each month and pay in full.
This way you never pay interest – and keep a good score.

Do not open any new credit cards 6 months before applying for your mortgage.
Do not make any installment loans 18 months before.
Do not close old credit cards after you pay them off – deleting history reduces credit.
/

Robert asks…

Predatory mortgage lending or outright fraud?

I purchased my first property in 2007 just after graduating college. Looking back, I’d say I was definitely naive and possibly stupid. When I “interviewed” and filled out my loan application with Bank of America, I was told that I needed to put down my anticipated future income that they estimated to be $50,000, even though I was only working a summer internship.

They put down that I had been with the company for almost 4 years, when in reality it was 2 months. They said I was the manager, I was a front desk assistant. They put down that I had 50,000 in my Bank of America savings account, I had less than 500. They also checked a box, without my knowledge, that this wasn’t my first home and I already had a primary residence! I was only subletting an apartment.

I didn’t know that this false information was in my loan application. I did initial one page, but I swear I had no idea and never saw this information until going back through today. What do I do now?

admin answers:

In the real world here’s what happens. Going to a government agency to file a complaint will fall on deaf ears. Contacting B of A to file a complaint will get you some lip service and some preliminary investigation but after 3 years the trail is pretty cold.

Are you sure you worked directly with B of A and not a broker that sold it to B of A? Just wondering……you may want to dig a bit deeper into the initial paperwork just to be sure who the players are.

Anyway, in the end these will be the facts. You signed the initial application when you originally applied. You also signed the final application when you closed on your house. Everything you are siting now to be fraudulent was in black and white 3 years ago when you took out the loan. Kind of hard to explain how you missed that.

Helen asks…

Question about Credit Card application?

Short and sweet of it:
When I was 16, I applied for a Capital One Visa card and was approved. I lied about my age saying I was 19 at the time. I got into a little debt on it but always paid on time, finally paid in full and now am a responsible user of it. No problems with the card ever. Now, I am 22 and in the future want to apply for a mortgage or auto loan or something if i need it. I was wondering if lying about my age will hurt me, even though if i were to apply for something now, i would use my real age?
i understand what i did was wrong. no need to debate that. my question is, will it catch up to me?

i checked all my credit reports and everything is correct on it except my age. no debt no public records, always on time, ect. ect.

will this catch up to me?

admin answers:

Contact the credit bureaus and correct the information. Since you are now 22 Capital One won’t do anything about it. Thank God you didn’t default or anything like that and have kept the account up to date.

Can you get in trouble over it… I don’t think so. Nothing bad happened and Capital One might not even notice that a certain detail changed on your credit report information.

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Your Questions About Mortgage Loan Rates

Charles asks…

I have a 30 year mortgage when is it the best time to convert to a 15 year loan?

Is this a reasonable thing to do? I have only been in my home for one year! I want to pay it off sooner. accellerated mortgage loan? is this a scam? I hardly believe anything the morgage company offers because the interest rates are a rip off. any advise all welcome!

admin answers:

Buy a CD instead.
The Certificate of Deposit will earn almost as much interest as you are paying and when you have enough, pay off the loan. You might want to buy a bigger home later and use the CDs as down payment.

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By investing in CDs you have money if something goes wrong prior to paying off the mortgage.
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The Certificate of Deposit may pay a point less interest but you will lose more screwing with your loan or early payment penalties.
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The Majority of people who accelerate their mortgage regret it and many end up in default. Just save the money and draw interest.
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Donna asks…

Variable mortgage loan interest rate?

My home mortgage loan with a fixed interest rate (5.75) expire next month and it will become variable for the next 20 years. My house has no equity and To be able to refinance, my Bank (Wells Fargo) is asking me for 20% Down payment (money that I don’t have). I’m worried that my new variable interest rate will make my monthly payments more than what I can afford.
If you know how to deal with this situation, please answer my question?
I have called different mortgage companies, and all of them are asking me for 20% down.
Right now, my house is worth about $ 240.000 and my mortgage is for $265.000.
What should I do?
Thank you.

admin answers:

If you have no equity in your home and you are unable to come up with 20% down for a new house, then the only thing you can do is stay put and continue paying your mortgage payments on a timely basis. First thing you do is look at your loan documents to find out how much your interest rate can move once it becomes variable. There is always a cap on how much your lender can raise the interest rate. Find out what the cap is — can the rate go up by 1% a year or 5% a year?. Remember that interest rates can go DOWN as well as go up although in this market that would probably be rare. Once you know how much the interest rate can move, you can figure out the maximum of how much your monthly payment will be. Then you need to start saving your pennies so that if your monthly payment does go up a lot you will be prepared.

It sucks, I know, but that’s the way it is.

Good luck!

Susan asks…

How does a bank decide the mortgage interest rate of housing loan in Korea in general?

Please explain it in detail.

admin answers:

Hello everyone,
My name is Mrs. Rose Smith and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $68,000 USD to start my life all over as i am a single mum with 2 kids and the whole world seemed like it was hanging on me until I met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Mr. Christ Felix of Christ Felix loan Financial Incorporated, he was the Savior GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $68,000 USD and i will advise any one who is in genuine need of a loan to contact Mr. Christ Felix via email christfelix79@yahoo.com because he is the most understanding and kind hearted lender

I’m posting this message everyday on yahoo answer; in order to express my everlasting gratitude to Mr. Christ Felix
Please i need you all to pray for this man for me.

David asks…

mortgage loan?

if i signed a good faith estimate on the 28, electronically, does it mean that i have to stick with the loan, if i find a better rate with another lender

admin answers:

The good faith estimate you signed was simply acknowledgement that you received the document, as is required by law. It is not a loan document.

You can back out of the loan now. Don’t delay!

Here’s something that has worked on occasion–get that better deal in writing and show it to your current lender. Tell them to match that deal or cancel the loan. You might find they match the deal!

Michael asks…

What would be a decent interest rate on a 30 yr mortgage loan for 200K, with 200k down payment?

Credit score is excellent. Investment property. I don’t know how to judge whether my broker is getting me a good deal or not.
The loan is for 200K, the down payment is 200k….the house is 400K.

admin answers:

The rate and costs will vary depending on how you are structuring the purchase. Even at 50% LTV, the agencies charge 1.75%. The broker can up the rate to try to cover some of the cost or you can pay it upfront.

If you were paying it up front, my rate to day would be 6.875% with closing costs of $500 plus recording + $3500 = $3,850.

If you don’t plan to hold the property very long, then it could make sense to increase the rate to cover some of the adjustment, but you will get to a point where it doesn’t make sense to do that.

We also have some portfolio programs for that scenario where you would just pay .5% + $500 + all third party fees. We have a 3 year arm at 6.75% or a 1 year arm at 5.99%.

I hope this information is helpful.

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Your Questions About Mortgage Loan Application Form

Michael asks…

Steps to homeowership?

I made contract with seller, am getting homeowners insurance, the appraisal has been done, signed the paperwork with the mortgage broker, and my job sent back employment verification form.
What is the next step. The loan processors are currently working on it. (What does that mean?)
Also, when will the underwriters look at it, and how long does that usually take? If the mortgage broker approved my application, and I’ve signed all the paperwork, does that mean the underwriter will accept it too???
I’m nervous that I will be denied by the underwriter after I’ve went through all the work/paperwork. 🙂

admin answers:

The only way you might get turned down at this point is if your scores are below 680 and you are putting nothing down. Loans that were fairly easy last week are non existent this week but with good credit you need to just go about your day and let the process take its course.

Now start thinking about the furniture arrangement!

Ken asks…

Could tax write offs in mortgage principal save our economy?

I own a business (fairly successful) and its a constant battle to figure out how to spend money I of course want to grow the company but even with a growth plan in place I generally need to buy stuff I didn’t really want like computers or marketing displays to store for the future… or inventory (not so much in my business but for everyone else out there inventory is probably #1).

So what I’m getting at is I would rather pay off my house, but because I can’t write it off I refuse to increase my income in most years. The main reason I purchased a house was for a deduction so I need to ride the interest train until I have a slow year and I can show more income, in my book I have an acceptable income to tax ratio (generally I need to be no more than the 28% ratio (married filing jointly), I do my best to be in 25%.

So with that said I started thinking of the overall applications to a deductible principal and here is pros and cons.

Pros:
1. Banks would probably no longer need governmental assistance
2. Americans would put their money in America vs products made in china (my office furniture or computers for example).
3. The people could really start affording their home, my mortgage is affordable but not low, if I could pay it off faster I would pay less to interest (nothingness) and the chances of a foreclosure or short sale are TINY.
4. The reduction of foreclosure or short sale would be far lower because more money has been invested into your home, I would walk away from my home and honestly not care I don’t have a lot in it. many “BAD” loans were those that were 0% down, or 3%, or even 5%… all something people could walk away from.

Cons:
In a big way this could be tax evasion, you could stick the money in, then the following year pull it out with HELOC. I would be 100% fine if stipulations were made to ensure this does not happen, such as principal payments must be made with this type of form and helocs are exempt from that type of payment … I don’t know something along those lines.

So here’s my question after my novel of an explanation… What am I missing? Where are the rest of the pros or cons? I feel like its great but I love my ideas having holes shot through them so I can stop thinking they are great and be frustrated that they aren’t happening.

admin answers:

– 25% of homeowners do not have mortgages
– The tax write off does not amount to much.
I did the math. Lets say you are in the 25% tax bracket
You pay $10,000 just to get $2,500
Give me that money, I’ll give you $2,500 back anytime
– Many retireers do not have mortgages – this would hurt them

Better idea: For the government to do away with home tax deductions
People think that it’s free money – some people think it’s worthless

Robert asks…

passport interview question’s?

i had my interview today. Oh my god i felt so worried all the way i am driving to interview office what gonna happen what they gonna ask if i say wrong all this question giving me headache finally i get to office and bang the interview in just 15 mins i have been asked around 30 questions as follow…
what is your full name, spell your full name?
what is your date of birth?
which country you born?
which city you born, where is that city?
what is your dad’s place of birth , his name, his place and country of birth?
what is your mom’s place of birth , her name, her place and country of birth?
what is your address, who lives with you?
what is your husband name, his date of birth?
how long you living at this address?
what was your previous address, how long you live there?
is your property owned or renting ?
who you mortgage with , what is your primary bank?
are you registered voter at your property?
how many credit card you got ?
have you got ongoing or had a personal loan?
who is your mobile provider?
who is your broadband provider?
what is your phone number and e-mail address you filled in form?
what documents you sent with your application?
how you submitted your application?
did you fill your form?
you ask for your documents to send by normal of recorded delivery?
who countersign your application, his name, occupation, his age, how long you know him?
have you received any of your documents?
which date you got citizenship, where you attend the ceremony?
i feel like i was giving oral exam and feeling like i am not passed they way i have been asked the question i don’t know i am more scared about my husband i don’t know what gonna happen finger cross

admin answers:

Wow, here in the US several years ago they didn’t ask about property, mortgage, bank info, internet, and that sort of thing. They really get in your business over there don’t they?

Maria asks…

Should I take my mortgage company to court?

Our escrow was supposed to close on August 13, 2010. We would have been able to close on time, but the underwriter ordered some “desk review” of our appraisal and demanded more comps to support our price. The appraiser mysteriously got these comps after looking for DAYS–btw, we have not received a copy of this desk review yet. We ended up closing on August 17, 2010 ( 2 days after the state of California stopped accepting applications for the $10,000 home buying tax credit–California has apparently run out of funds). Do I have any recourse at all against the underwriter or my loan officer that lagged on ordering the initial appraisal and had us date some papers earlier so that she remains in compliance. I think it was the GFE or the appraisal order that had to be done within 72 hours of them running our credit. One of these forms was the one we were asked to change the date on.

admin answers:

Your good faith estimate (GFE) should have been signed within 3 days of you applying for the mortgage loan. You should have also been given a truth in lending (TIL) about the same time.

The underwriter has guidelines that need to be taken care of, other wise your mortgage loan would not be approved. They have nothing to do with the time frame in which you are attempting to get a tax credit and the time expire or the funds are exhausted.

A desk review might have been ordered by the investor that will purchase your mortgage loan note. The underwriter might have found out on Aug 12. A desk review is not uncommon in the mortgage loan process. You will not get a copy of the desk review. Your mortgage loan company is required to give you a copy of your appraisal. The desk review is an internal audit of your appraisal, that you- did not pay for either direct or indirectly.

A closing is normally an on or about date. You should check with your Escrow Instructions, normally this is listed and most everyone in the mortgage process will indicate this.

As for a law suit against the mortgage company, well you might sue anyone you like, one question come to mind that will be asked in court by many attorneys and that is why did you not start your house buying process in April or May thus this would have been eliminated.

Appraisers are not now ordered by the mortgage brokering company, they now have to order through a different method and have no decision as to when the appraisal would be completed. Nor who would be actually doing the appraisal.

If the mortgage loan had closed when you expected would you now be concerned about the date you signed your GFE?

I hope this has been of some benefit to you,good luck.

“FIGHT ON”

Betty asks…

What are the Closing Costs in NJ?

Here is a list of “fees” on the Good Faith Estimate from Wachovia
Interest Rate is 5.500% (6.191% APR)

0801 Loan Origination Fee: $1446.53
0803 Appraisal Fee $300.00
0804 Credit Report Fee $15
0812 Flood Certification $15
0818 Application Fee $60
0901 Interm Interest $66.54
0902 FHA PMI $2531.43
1003 City Property Tax $978 (3 payments)
1101 Settlement Fee $300
1103 Title Examination $650
1108 Title Insurance $705
1201 Recording Fee $120 (includes deed/mortgage)
1301 Survey $125
1311 Free Form From MPOS $500

Total Settlement Charges $7812.50

The title company sent me a letter with the following (ill type in CAPS to distinguish the difference)

INSURANCE PREMIUM: REISSUE
OWNER’S POLICY: $588
LOAN POLICY: $25

CHARGES:
EXAMINATION OF TITLE: $90.00
MUNICIPAL LEIN SEARCH $45.00
PATRIOT NAME SEARCH VS BUYER: $10
UPPER COURT VS BORROWER: $15
TRANSACTION MGMT PLATFORM: $25
CORPORATE STATUS VS SELLER $35

TOTAL: $833

SETTLEMENT FEE (NOT INCLUDED IN TOTAL)
INSURED CLOSING LETTER: $25.00
FLOOD CERTIFICATION: $20.00
TIDELANDS SEARCH: $75.00
DRAFTING OF METES: $50.00

ENDORSEMENTS (25 PER ENDORSEMENT)
ENVIRONMENTAL ENDORSEMENT
LENDER’S SURVEY
ALTA 9-06 RESTRICTIONS
ALTA 4.1-06 CONDO ENDORSEMENT
ALTA 6-06 VARIABLE RATE
ALTA 22 LOCATION
ALTA 5.1-06 PUD
SURVEY

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Is the GFA estimate accurate? Some items are listed in the GFA and then relisted in the estimate from the title company (do I need to pay twice?)

If it’s not listed, do i need to pay those fees? If there are items not listed, please let me know so I can ask my lender (Wachovia) if I am responsible for them.

Thanks
Thanks you for your help

admin answers:

I emailed you because the title fees look high to me so I’m verifying with a national title company but I need to know what county you’re in.
The big thing to me is that the numbers did not make sense on your first post so I am going to build a GFE for you to show how your earnest money deposit affects how much you have to bring to closing. The other thing I question is if they are using seller concessions to offset the closing costs.

Edit: Ok the title fees are a little high but not by much. The GFE is just an initial estimate so the fees may go up. For example the title company sent you a separate estimate for their fees. You should compare it to the GFE and realize that your fees will be whatever the title company sent you. Everything else looks normal except there is no charge listed for underwriting or processing but other than that it all looks good.

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