critique our good faith estimate

Please tell me what parts of this good faith estimate are really incorrect!

This is for a $395,000 house in Lynbook (ETA we are putting 10% down)

Tax Servicing Fee: $85
Processing Fee: $445
Underwriting Fee: $575

Prepaid Interest (will totally depend on when we close...)

4 mos. insurance escrow @$60 per month = $240 (this seems low to me; I estimate $100 per month)

4 mos. property tax escrow @ $750 per month = $3,000 (accurate)

Attorney Fee: $800 (I assume this is the bank attorney? This is the only "attorney fee" on the list, and our attorney alone is $1,000)

Title Insurance Premium $1,294 (this seems to be about half what I expect it to cost)

Courier / Delivery Fee: $35

Recording fee: $300
State Tax/Stamps: $2,874 (could this be accurate? I know the tax is $4 per thousand, but what else does this include? I was expecting this to be higher)

Survey fee (if needed): $350
Termite/Pest Inspection: $75 (ignore b/c we're doing this in connection with engineer's report tomorrow)

Message edited 3/30/2007 12:45:00 PM.

Re: critique our good faith estimate

try this:dj pills estimated fees

Re: critique our good faith estimate

that attorney fee of 800 looks incorrect to me..
the bank attorney i do not think costs that much
maybe they were just putting in waht they thought u would pay for your attorney?

Re: critique our good faith estimate

Our title insurance costs were about double what your estimate is, between the insurance, search fees, etc.

Our survey fee was a lot higher too but, I think we were overcharged.

We closed at the end of the month and we paid about $15k on a similarly priced house.

Re: critique our good faith estimate

it seems a little low. Who gave you these quotes? HSBC gave us a much more realistic good faith estimate.

Re: critique our good faith estimate

It seems low to me, too. Our attorney is going to look it over for us, but she said it didn't seem too far off base.

We are assuming instead of what is above, $100 per month insurance + $2,500 for title insurance.

We are also adding $1,000 to that for our attorney.

Our attorney thinks that we should not be paying more than $15,000 (including her fee) at closing given the current situation... so I guess we have to just wait and see at this point.

Re: critique our good faith estimate

the state/tax stamps is mortgage recording tax. that is a % of your mortgage.

Re: critique our good faith estimate

the bank attorney fee is high. It should be about $400-500 tops. Other than that, it looks about right. The prepaids are usually what brings it up.

Re: critique our good faith estimate

This is what mine is...i just got mine yesterday
underwriting - 350
processing 350
Flood life of loan fee 19
abstract/title search - 300
title insurance
2413
closing/escrow/settlement - 650(that is the bank attorney fee but I don't know why I am paying him 2 fees - he is also my regular attorney)
recording fee mortgage - 150
recording fee - deed 150
mortgage registration tax -2432
intrest - 1349
fire/hazard insurance (which i already paid and it was less than this) 1030
hasard insurance escrow - 343 (again less than this)
city taxes for seven months - 4137

Re: critique our good faith estimate

Re: critique our good faith estimate

Thanks, all.

I'm not sure what he was getting at with the attorney fee... I don't know if it was supposed to be our attorney fee or the bank's. I assumed the bank's.

Re: critique our good faith estimate

A bank attorney can get anywhere from 500 to 850 so it is possible that they are giving you the highest it could be. In addition the state stamps is the mortgage tax in nassau & suffolk it is .8% of the mortgage. The title insurance will be higher than that--there are searches and other small fees that they charge. Also the escrows are will change when they have your actual tax bill (from the title company) and your insurance binder in their hands--that will determine what they are. Also there will be fees to record the deed and mortgage(s). Your attorney should be able to tell you what your estimate closing costs will be, based on your good faith estimate and the estimated title bill that most title companies send when they send the title report. Also an attorney can check the title insurance policy amount as well as the mortgage tax (stamps) on the internet and should be able to give an estimate of what their title company normally charges for all the searches. Your closing costs could also increase if there is oil in the house and when the taxes are next due. If you close in June and live in Nassau you will have to pay the July taxes at the closing. If you close in June in Suffolk you will have to pay the seller the rest of the years taxes so that will increase what you have to bring to the table.

The $4 per thousand of the purchase price is a charge for the seller--it is the transfer tax- unless you are buying new construction then it is usually passed to the buyer.

Good Luck