Closing costs estimate between 2 lenders. HELP!?
Lender one: Mortgage type:30 Year Fixed-FHA-3% down
Origination fee: 1 point=1464.70
Appraisal fee=5
Credit report=
Commitment Fee=0
Flood Cert=
Title Insurance=00
Title Search=0
Recording Fees=
Survey=130
Termite=5
3 months worth of taxes=617
FHA Premium=1.5% of loan=97
* We can use our own appriaser if we like.
Which one is better?
lender Two Mortgage type-30 year fixed FHA 3% down
application fee-0
appraisal-5
credit report-
flood cert-
recording-
survey-0
No Points
title insurance-,000
Title search 0
Termites-Not mandatory
FHA MIP-1.5% of loan 64.70
Taxes-5 months worth=,030
FHA Premium for lender#2 is 97, not 64 (same as lender one)
Related FHA and HUD Posts
Tags:
5 months,
application fee,
appraisal fee,
commitment fee,
credit report,
fha mip,
FHA Mortgage Insurance Premium,
flood cert,
insurance,
mortgage type,
origination fee,
termite,
termites,
title insurance,
title search
Tags:
5 months,
application fee,
appraisal fee,
commitment fee,
credit report,
fha mip,
flood cert,
insurance,
mortgage type,
origination fee,
termite,
termites,
title insurance,
title search
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on Wednesday, June 10th, 2009 at 4:18 am and is filed under FHA Mortgage Insurance Premium.
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When comparing lenders the only section of a GFE you need to concern yourself with is the 800 section. Title costs, impound accounts, etc will all be the same in the end. Only compare rates and fees in the 800 section as these are the only ones that are subjective.
But, you might look at My Community loans instead of FHA loans. These are newer loan products that are also not credit score sensitive, have a lower PMI factor, and allow for 100% financing instead of 97%. The rates are comparable if not lower. If you want a 3rd quote, I'll bet I can beat them both in rates and fees…