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Your Good Faith Estimate explained:
If a purchase, your HUD1 Settlement Statement, prepared by your attorney, will have a 700 section showing the real estate
agents' commission. This typically runs 5-7% and is paid out of the seller proceeds.
GFE Section 800: The only fee you will pay us for our services is listed on line 801 and this is not paid until after closing,
by your attorney. Rest assured that the broker fee is a smart investment to allow wholesale lenders to compete for your
loan with rates and costs. We will pass along the exact cost of your credit report on line 804. Other fees in this section are
for other parties. The lender's fee for underwriting/processing, etc. may vary but is usually around $450 to $550. The type
of appraisal required is determined by the Fannie Mae, Freddie Mac or lender's guidelines. We will order the least
expensive appraisal required for your loan. In many cases, the cost of the appraisal is the only out of pocket expense you
will have pertaining to the mortgage. Appraisals range from $200 to $500 with most being $350. The Tax Related Service
Fee is approximately $70 and covers the lender's cost of confirming the property taxes with the county and/or city. The
flood certification fee is usually around $16 to $26 and covers the cost of verifying if the property is in a flood zone and
requiring flood insurance.
GFE Section 900: Items paid in advance would include, if a purchase transaction, the prepaid home owner's property
hazard premium for the first year. Also prepaid would be the flood insurance premium if in a flood zone. Since you will
likely not have a mortgage payment due on the first day of the first month following closing, the daily interest on the
mortgage, from closing to the end of that month is collected here.
GFE Section 1000: Reserves are shown here. This includes the money required for escrows of hazard insurance,
mortgage insurance, flood insurance and taxes. This is federally regulated so the lender cannot hold too much in escrow.
The number of months of escrow is determined by the lender and based on the anniversary date of your hazard insurance
(if a refinance) and the date your taxes are due. Some lenders allow homeowners to not escrow insurance and taxes.
Conditions apply and there often is a one time lender escrow waiver fee added to closing costs. The escrow waiver fee is
collected by the broker in the 800 section.
GFE Section 1100: This section deals with your attorney related costs. Your attorney is hired by and works for you
although we will take care of ordering all work. Most attorney's total fees range from $350 to $500 for most residential real
estate closings. Your attorney will order your title insurance for you and you may expect , on a purchase in NC, to be about
$2 per thousand. For a refinance in NC, expect $1.15 per thousand.
GFE Section 1200: The recording fees at your county courthouse are shown here and vary depending on the number of
pages being recorded. This usually is around $68 to $80. Your attorney passes the cost along here.
GFE Section 1300: If a purchase transaction, and if a pest inspection is required or you elect to have one, the cost will be
shown here. If a home inspection is required, the inspector usually requires payment at time of inspection but otherwise
would appear here. Other items such as home owners' association costs would also appear in this section.
There you have it. The real info and no mysteries!
Save even more and apply online now!
* Deepest cuts for loans with Fannie Mae Approve/Eligible and Freddie Mac Streamline Accept and Accept Plus. This offer does not apply to Fannie Mae
Expanded Approval levels, Freddie Mac Standard Accept, borrowers with more than three investment properties and using that income to qualify, non-conventional,
subprime or loan amounts under $100,000.
If a purchase, your HUD1 Settlement Statement, prepared by your attorney, will have a 700 section showing the real estate
agents' commission. This typically runs 5-7% and is paid out of the seller proceeds.
GFE Section 800: The only fee you will pay us for our services is listed on line 801 and this is not paid until after closing,
by your attorney. Rest assured that the broker fee is a smart investment to allow wholesale lenders to compete for your
loan with rates and costs. We will pass along the exact cost of your credit report on line 804. Other fees in this section are
for other parties. The lender's fee for underwriting/processing, etc. may vary but is usually around $450 to $550. The type
of appraisal required is determined by the Fannie Mae, Freddie Mac or lender's guidelines. We will order the least
expensive appraisal required for your loan. In many cases, the cost of the appraisal is the only out of pocket expense you
will have pertaining to the mortgage. Appraisals range from $200 to $500 with most being $350. The Tax Related Service
Fee is approximately $70 and covers the lender's cost of confirming the property taxes with the county and/or city. The
flood certification fee is usually around $16 to $26 and covers the cost of verifying if the property is in a flood zone and
requiring flood insurance.
GFE Section 900: Items paid in advance would include, if a purchase transaction, the prepaid home owner's property
hazard premium for the first year. Also prepaid would be the flood insurance premium if in a flood zone. Since you will
likely not have a mortgage payment due on the first day of the first month following closing, the daily interest on the
mortgage, from closing to the end of that month is collected here.
GFE Section 1000: Reserves are shown here. This includes the money required for escrows of hazard insurance,
mortgage insurance, flood insurance and taxes. This is federally regulated so the lender cannot hold too much in escrow.
The number of months of escrow is determined by the lender and based on the anniversary date of your hazard insurance
(if a refinance) and the date your taxes are due. Some lenders allow homeowners to not escrow insurance and taxes.
Conditions apply and there often is a one time lender escrow waiver fee added to closing costs. The escrow waiver fee is
collected by the broker in the 800 section.
GFE Section 1100: This section deals with your attorney related costs. Your attorney is hired by and works for you
although we will take care of ordering all work. Most attorney's total fees range from $350 to $500 for most residential real
estate closings. Your attorney will order your title insurance for you and you may expect , on a purchase in NC, to be about
$2 per thousand. For a refinance in NC, expect $1.15 per thousand.
GFE Section 1200: The recording fees at your county courthouse are shown here and vary depending on the number of
pages being recorded. This usually is around $68 to $80. Your attorney passes the cost along here.
GFE Section 1300: If a purchase transaction, and if a pest inspection is required or you elect to have one, the cost will be
shown here. If a home inspection is required, the inspector usually requires payment at time of inspection but otherwise
would appear here. Other items such as home owners' association costs would also appear in this section.
There you have it. The real info and no mysteries!
Save even more and apply online now!
* Deepest cuts for loans with Fannie Mae Approve/Eligible and Freddie Mac Streamline Accept and Accept Plus. This offer does not apply to Fannie Mae
Expanded Approval levels, Freddie Mac Standard Accept, borrowers with more than three investment properties and using that income to qualify, non-conventional,
subprime or loan amounts under $100,000.
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