Settlement Charges

Discussion in 'Credit Talk' started by Dani, Jul 11, 2001.

  1. Dani

    Dani Well-Known Member


    Had a GFE faxed to me this morning. Now maybe me being an accountant makes me very cheap...but this is what I got.

    Title Insurance - $700-750
    Attorney's Fees - $300-400
    Recording Deed - $400-420
    Recordng Trust - $400-420
    Loan Origination Fee 1% - $1950
    Loan Discount Fee 1% - $1950
    Appraisal Fee - $300-400
    Credit Report - $50-60
    Fire & Hazard Insurance - $400
    Insurance Escrow - $50-100
    Tax Escrow - ?
    and last, but not least Good old PMI ?

    So I'm looking at approximately $6500. Is this right? I can tell I already don't like this process.


    PS Nana, Mom, or anyone who actually has gone through this ordeal. How far off is the GFE to the settlement charges. Higher, lower, pretty similar?
    Thank you.
  2. cable666

    cable666 Well-Known Member

    That actually isn'y too bad. Most escrows close with lots of last minute junk fees piled on at the last minute.

    Example, photo copies of documents at $10 a pop, or duplicated services such as a "filing fee" and a "registration fee".

    Demand receipts from all the charges for services they pass on to you. Then after escrow closes, examine the fees in detail. If they are out of line or unsubstantited, sue them and force them to give you a rebate.

    Double check the pro-rate amounts and make sure that you are given proper credit for those amounts by the service. For example, pro-rated insurance, taxes, and assoc. fees.

    How different is this from the estimate charges that was given to you when you started this?
  3. bailey

    bailey Well-Known Member

  4. marvin

    marvin Well-Known Member

    Looks like a $195,000 loan too me. Doesn't look too bad for that size of a loan. I think the loan origination fee is standard, and the discount fee usually drops the interest rate 1/8% per point.
  5. Momof3

    Momof3 Well-Known Member

    Hi Dani your figures seem in line to me, I take it we are looking at 195K home or so?

    My settlement cost ended up being 145 less than my GFE, they had over estimated my property taxes and Home owners insurance, I went with Amex for home owners and saved a few bucks.

    But always always go line by line and ask exactly what is this for and what that is for. I did this for my whole GFE I wanted to know exactly what I was being charged for.
  6. Dani

    Dani Well-Known Member

    Thank you Mom, Marvin and Cable. All of you offered some really great advice and I'm taking all of it. I will be sure to have our broker explain everything to me this Saturday. Better to be safe than sorry. Thanks again. I'm off to cook dinner now.


Share This Page