What are the gfe (good faith estimate) on loan includes of?

Question

Can you please itemize it? and who estimate this estimate?

Answer 1

http://www.hud.gov/respareform/draft-gfe.pdf

Answer 2

Most mortgage bankers will give you a GFE as to what they are gonna charge you for a loan. Included in the GFE is the approximate charges that will be charged against you to complete the loan transaction.You may ask for one from your mortgage banker when he/she tells you your interest rate.

It is difficult to give you one because of the loan that you could possible get.

Some loans come without fees or points therefore these items would not be on a GFE. You could get a government loan that has a whole different set of cost.

A refinance will be different from a money purchase loan.

Sometimes the seller will pay certain closing cost, therefore these items will not appear on your GFE.

So each loan will have it's own unique items that the buyer will have to pay.

There are times when the closing or escrow agent will issue you a GFE or closing statement. Closing cost are normally divided into two type callled recurring and non-recurring.

Recurring closing cost are those that will happen again such as county taxes and insurance. (These are the fees a buyer would normally pay)

Non-recurring cost are items that will happen just for this transaction such as title report cost or escrow fees. (These are the fees a seller will most likely pay)

The possible things that could be on any GFE are county taxes, escrow closing fees, title company fees, recording fees for any deeds, loan signing doc fees, points and fees charged by the mortgage banker, fees and points charged by the lender, appraiser cost, loan processing fee.

Those are just a few items, that could be listed on your GFE, but in all probability you will never see all the items on your GFE at anyone time.

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

"FIGHT ON"

Answer 3

WOW, thats a loaded question. I have been in the mortgage business for over 5 yrs and I have seen so many different GFE's and companies all do them different. (Standard fees are, title fees, lender feesand courier fee's and all these are third party fees) (processing fee's, admin fees, application fees go to the company doing the loan), some will charge broker and origination also to the company doing the loan. on a a purchase you will find seller paid closing costs and see your ernest money deposit and you will also see your escrow set up. at the bottom is how much money you will get back or have to pay at the close. The estimate is provided by your loan officer and is only an estimate of the cost that can occur on your loan, some of these can change mostly third party.

you can also be charged discount fees either by the lender or the loan officer.

hope this helps.

Answer 4

A "good faith" estimate is done by the lender or mortgage broker. It will show you how much your monthly costs will be. Most of the time the lender/mortgage broker will break down the costs into
Your Mortgage Payment
Insurance
Property Taxes
(if any) Condo Fees
It should show you your interesst rate and the duration of the mortgage.

Most important for you, you will know your monthly payments and what beside your mortgage payment is also included in this amount