Also, can you tell me if there are some types of fees thrown in there that I should be on the look out for that should not be there? On a $150,000 house in Phila, is Total Estimated Settlement charges of $11,500 reasonable after estimated closing costs of $5,100 and Estimated Prepaid Items/Reserves of $6,373? The total loan amount is $158k with a rate of 5.875 for 30years (fixed). Also, Total Est Funds to close would be $2,097 with a monthly payment of $1,140 (p,t,i). Also lists part of the closing as $6k from seller. Thank you.
2007-02-25 05:52:27 · 4 answers · asked by BrianR 2 in Business & Finance ➔ Renting & Real Estate
thank you Michele. I was looking over the sheet for my brother. One thing I didn't realize before I asked this is that he is financing 100% and the VA charges 2% on a 100% finance. That adds $3,400+.
2007-02-25 07:38:01 · update #1
PFC stands for "Pre-paid Finance Charge", these charges calculate you APR, S - stands for costs the seller will pay on your behalf and POC means "paid outside of closing", such as maybe an appraisal fee or Home owners insurnance. Your closing costs seem very high but I am a mtg. broker in Michigan and every state has there own regulations (called state overviews). Check with an attorney on your costs or get a second opinion from another lender. You as a consumer have the right to shop around. It is called "Your Bill of Rights".
2007-02-25 06:04:12 · answer #1 · answered by umortgage3@sbcglobal.net 1 · 1⤊ 0⤋
This Site Might Help You.
RE:
Can you tell me what the PFC, S, F and POC mean on a Good Faith Estimate form gfe2?
Also, can you tell me if there are some types of fees thrown in there that I should be on the look out for that should not be there? On a $150,000 house in Phila, is Total Estimated Settlement charges of $11,500 reasonable after estimated closing costs of $5,100 and Estimated Prepaid Items/Reserves...
2015-08-16 18:36:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Poc Means
2016-11-15 00:09:36 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Poc Real Estate
2017-01-05 10:12:39 · answer #4 · answered by ? 4 · 0⤊ 0⤋
I agree with mitchell here is a link explaining closing costs
Closing costs comparisons by States: http://www.bankrate.com/brm/news/mortgages/ccrank.asp
Real Estate Settlement Procedures Act (RESPA) [about closing costs & settlement procedures]: http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm
Buena Suerte
2007-02-25 06:26:49 · answer #5 · answered by newmexicorealestateforms 6 · 1⤊ 0⤋