INTHERED

Met with the broker today

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After a year of credit repair and a year of house hunting, I'm finally under contract on a nice 2/2 townhouse on a lake close to work and my parents.

I just left the mortgage brokers office. I was thrown off by the new GFE that is being used now.

Just looking for some advice and feedback.

Credit score 650

Purchase Price 122,000

Down Payment 3.5%

Total Loan Amount $117,730

Interest Rate 3.250%

Loan Origination Fee 3.5% $4,120.55

Lenders Fees $815.95

Credit from bank? 4.706% $5,540.37

Appraisal $430

Credit report $50

Closing/Escrow Fee $995.00

Lenders Title Insurance $350.00

Title Search Fee $125.00

Electronic Document Delivery $22.50

Wire Disbursement Fee $225.00

Owners Title Insurance $701.50

Survey $375.00

Mortgage Recording Charge $220.00

INTANGIBLE TAX $235.46

DOC STAMPS $412.06

SELLER STAMP TAX $854.00

Hazard Insurance Reserves $400.00

PMI MIP VA FF RESERVES $245.28

County Property Tax Reserves $608.01

Daily Interest Charges $188.69

Hazard Insurance Premium $2400

P&I $512.37

Hazard Insurance $200.00

Real Estate Taxes $202.67

Mortgage Insurance $122.64

Total Monthly Payment $1037.68

How does this look? I'm a first time home buyer. The lender would be Freedom Mortgage. Any opinions or reviews on them?

Thanks

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Frankly it looks very high to me. There are costs padded in all over that GFE info above considering the size of your purchase. If you would like a referral to a mortgage banker here in Fl where you can at least shop your rate and terms and costs, PM me. Otherwise, find someone else that will actually fund your loan and get a competive bid from them....

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WOW the first thing that came to my mind. I expected to see a $25.00 charge to borrow the pen to sign the contract.

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Yeah, I knew they were high I just don't know which fees are too high and should negotiate and which are priced right.

Which are just crazy high that I should negotiate tomorrow and which are okay?

For the loan amount what would average closing costs be. What would you guys negotiate and pay?

Thanks for all the help through out the years. This forum has served me well.

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Also on this new GFE it reads you receive a credit of $5,430.37 for this interest rate of 3.250% this credit reduces your settlement charges.

Is this the point I purchased to reduce the rate? How does this work?

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Also, keep in mind that a lot of financial institutions do not publish their rates... you might have to spend a little time on the phone.

It can't hurt to shop around, but the fees in your GFE are a bit high.

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For what you would be paying a month, I bought a house last year. The house is over twenty seven hundred sq. ft. four bedroom, three baths, two car garage with large basement on 3/4th of an acres. In a state that is not cheap on property. The house sold for $189,000. A lot bigger than your townhouse. In other words, for the amount your paying a month you should get a lot more house.

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For what you would be paying a month, I bought a house last year. The house is over twenty seven hundred sq. ft. four bedroom, three baths, two car garage with large basement on 3/4th of an acres. In a state that is not cheap on property. The house sold for $189,000. A lot bigger than your townhouse. In other words, for the amount your paying a month you should get a lot more house.

Thanks for your reply TomnTex I dont think you can compare Real Estate in Miami-dade county in Florida and Texas. That same house in Miami would cost a lot more.

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Also, keep in mind that a lot of financial institutions do not publish their rates... you might have to spend a little time on the phone.

It can't hurt to shop around, but the fees in your GFE are a bit high.

Can you help me identify which fees are exorbitantly high? Would it be too much to ask to go line by line and tell me what you would expect to pay for each line item, or what would be fair. I would like to learn and see where I am getting ripped off.

Thanks!

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This broker also failed to include the upfront MIP in the loan amount. You learn something new everyday. I didn't realize there was the upfront and the monthly payment! So loan amount is more like. $119,790 with the UFMIP financed in.

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Ask them to put in writing exactly what you are given as a loan.

you may read on a mortgage doc 'for loan recieved, you promise...."

Well thats Not good enough. Tell them you want to know what it is SPECIFICALLY in detail, what is given as a loan.Chances are, there is n o loan. The "servicer /bank'" is only suppose to hold your promise to pay. They manage the paper work that enables the PURCHASE of your house. They are NOT buying your house. YOU buy your house when you work to create the value for the payments you will need to make. Its your credit they used to make the purchase. But because you give a 'promise to pay' way more than the cost of the house, you unknowingly agree to allow them to "monetize" your credit so they can spend it. Most of your labor throughout the years will be needed to add value to your credit they monetize (turn into currency). But they will try to convince you they gave you a loan, that may make you feel better about the dead- pledge (mortgage) you are giving.

Your mortgage is YOUR loan to them, NOT their loan to you. They are using semmantics to reverse what really occurs. What are you pledging as a loan? Your credit. That's what is pooled with others credit to be sold on the stock market.

Ask them about your signature on a promissory note, if it creates a financial or negotiable instrument they can sell without your knowledge. Your signature is used to access YOUR available credit. These reserve (so called) banks are NOT from this nation. They branched off from a foreign entity we know as 'Federal reserve" but is NOT part of the federal government. They just use the name FEDERAL. They are a private -for profit institution/corporation here to make profits off of our credit, especially who gives a dead pledge (mortgage) so they can "monetize" (turn homeowners credit into currency) collect/sell or spend.

Come on folks, have you ever looked at a mortgage doc and notice how twisted it seems? They've loaded it with semmantics/words that are road blocks to prevent you from recognizing what a mortgage really is.

Before you agree to ANYTHING called a "loan", buy your self a legal dictionary and DISECT every word and every symbol. DO NOT put your signature on ANY document that has the word "loan" written on it UNLESS they can prove to you they gave you something valuable that's worth spending the rest of your life to pay back.

Dollar BILL currency is NOT money because it needs YOU to promise you will work for most of your life to ADD THE VALUE to the valueless pieces of paper they print "out of thin air".

No more gold/silver to back that currency printed out of thin air, so they need YOU to agree you will give it backing which requires your time and labor. The value is COMING FROM YOU, they did NOT give you a loan, YOU gave them a loan!

YOUR mortgage loan.... YOUR dead pledge loan... Your pledged loan....YOUR credit....Your pledged credit, the credit you pledged.

Remember this the next time you read about YOUR LOAN being pooled and sold....It is YOUR loan, literally.

Wether intentional or unintentional, they are causing us to look like fools through these so-called loan/mortgage documents.

Our minds have been programmed to believe what they want us to believe, not what is really happening. Your mind needs to be de-programmed so you can research this and decide for yourself what is correct or incorrect.

Edited by machinebike

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Can someone please ban this guy SMH :roll:

I am giving legitimate information , if you do your own reseach and buy your own legal dictionary, you can "see', and you want me banned?

Do you think its normal to have to work 30 years to own (or possess) a house? Where is your land patent? What is a title?, Is a title TRUE ownership?? Someone works for 30 years only to learn they CANNOT buy real property with artifical money.

To read the word "loan" on a document without any other proof of exactly what the loan was?

Truth in lending lets us know our credit is changed over to Dollar currency. You should ask why was it changed over to the "dollar" currency...so they can charge usage fees on the currency. Why can they charge us for using this currency? Because it is controlled by a private profit organization OUTSIDE this nation....so they can charge us whatever they feel like. People are 'asleep at the wheel", and not paying attention to what is really going on in this world of finance.

And how "legal" works is if you sign something, you become liable. Even if your decieved on the documents, you still become liable. Its commerce. Its paper, legal, CODES of law, not law...its artifical law, its 'color' of law.

Instead of trying to have me banned, you should read into this stuff more thorough. If people refuse to want to learn the mechanics of how this system works, it will only get worse, its like ignoring a cancer because your afraid to confront it, so by ignoring it, you feel it will go away on its own,but just gets worse. The longer you wait, the worse it gets.

Take a look at the word 'borrower' in Burtons legal dictionary:

Borrower--> parasite. Now who would have thought?

I am not "some guy", My name is Don. I work as a handyman. I live at my mothers house and help her with her mortgage, house repairs, auto repairs.

When I helped her with her bankruptcy and loan mod, I bought a Burtons legal thesaurus and studied the documents and the words used. I got on the ineternet and started researching the history of this financial world. The more I understood, the angrier I was getting. This anger is what forces me to share with others what I have learned. It torments my thoughts knowing I understand and people are not grasping what is really happening. The more funds people are forced to pay,is because there is an agenda behind it, not because people actually owe.

You have the right not to understand, but dont block others from trying by having me banned. I'm not sharing what I learned for profit. Im hoping people will start to ask the right questions so the servicers are forced to give them the right answers. If we ask the wrong questions, we get the wrong answers.

Id like to also add...If you disagree with my post, let me know why, and if you rersearch and find out I'm incorrect, then post it. Thats the way to learning. You see something wrong wit my post, you let me so i can look into it and then fix it.

Edited by machinebike

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