Good Faith Estimate VS initial cost worksheet

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  #1  
Old 03-15-2013, 01:50 PM
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Yucatan2 Yucatan2 is offline
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Default GFE quotes

Hello everyone,

We have made an offer on a wonderful home in the older section of TV. I have been mortgage shopping. Received our Good Faith Estimate from one of the local banks yesterday afternoon, after making our application on 3/5. The GFE bottom line was over $2000 MORE than the Initial Fees Worksheet!

Is this common? Should we just accept that higher closing cost estimate?

I am quickly getting some quotes from other lenders now, just wanted to know if others have experienced this as well........
  #2  
Old 03-15-2013, 02:01 PM
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Was the increase caused by a large difference on one item or a little on each. If one large difference you can see if it is now reasonable. If everything is off I would keep looking.
Maybe title insurance was not on the original est and is on this one.
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Old 03-15-2013, 04:21 PM
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The title insurance category was the big change, from a quote of $250 originally up to $1425 on the Good Faith. They conveniently call it "Title services and lender's title fees" so you have no idea what is lumped into that category.

Our initial closing costs were around $3000, after the good faith estimate they are another $1000. I am trying to get our lender to explain.

Anyone have any opinions about Citizens for a mortgage?

Last edited by Moderator; 03-15-2013 at 06:28 PM. Reason: merged threads
  #4  
Old 03-15-2013, 06:15 PM
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Our closing costs were more than expected as well because of fees you have to pay TV in advance - check with your agent they should be able to explain.
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Old 03-15-2013, 06:19 PM
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Check with John Matthews at ERA - great to work with, rates are usually better, and he is always available for questions. Don't let TV try to scare you that another lender won't be able to meet the closing date - this is one of their favorite tactics to keep you at Citizens.
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Old 03-15-2013, 07:13 PM
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Quote:
Originally Posted by Yucatan2 View Post
The title insurance category was the big change, from a quote of $250 originally up to $1425 on the Good Faith. They conveniently call it "Title services and lender's title fees" so you have no idea what is lumped into that category.

Our initial closing costs were around $3000, after the good faith estimate they are another $1000. I am trying to get our lender to explain.

Anyone have any opinions about Citizens for a mortgage?
I think Fl regulates title insurance. You should be able to find the rates on the state site and also search for title insurance rates in Fl and you will get a lot of calculators.
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Old 03-15-2013, 07:28 PM
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Pre-paids (2 mos taxes, insurance) are not considered closing costs. They bump it up quite a bit. Your share of pro-rated taxes might also bump it up.
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Old 03-15-2013, 09:22 PM
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Default closing

Go to trustco bank no closing costs no escrow, near home Depot on 441
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