High GFE for CEMA refi
Hi, My mortgage guy told me to expect closing costs of about $5k on a CEMA refi, principal is around $400k, on a Brooklyn condo. I just got the GFE and it’s MUCH higher. Specifically: $599 origination fee $525 appraisal + credit $6254 for title services + insurance $100 survey $19 flood determination $800 recording…
Hi,
My mortgage guy told me to expect closing costs of about $5k on a CEMA refi, principal is around $400k, on a Brooklyn condo.
I just got the GFE and it’s MUCH higher. Specifically:
$599 origination fee
$525 appraisal + credit
$6254 for title services + insurance
$100 survey
$19 flood determination
$800 recording charges
$200 transfer taxes
The $6254 for title seems way out of line to me. As does the $800 for recording charges. Anyone have a recent experience for either?
And I’m guessing this doesn’t even include the bank’s attorney fees, which have not been disclosed.
Yikes!
Coops- Dont have a full title search. They have a UCC Search and recording fee & attorney fee and bank/broker fees.
Condos- do have mortgage tax which you can reduce with a CEMA. Something sounds wrong with the GFE. If you want a 2nd opion, feel free to email it to me.
Title fees are regulated. The premiums are set by the insurer, ie, First American, Chicago. Its the searches that can sometimes seem inflated but not by that much.
Also, fees on a GFE in the title section are not allowed to change by more than 10%. Brokers who are in experienced often over inflate the GFE because the do not know how to run a title fee search and if the “under disclose” the loan, they will eat the extra.
Vanessa Thatcher
Atlantic Home Capital
vthatcher@athccorp.com
631-687-3510 x106
We got our Good Faith Estimate for a (smaller, 15 year, coop) loan. Our title services line is $1,150.
They won’t tell you this but you can save a ton of money choosing your own title company. the lawyers don’t like it and they will try to give yu a hard time about it . because they and the title guys have a relationship which help one hand washs the other (money sharing ), and in this the biggest loser is the buyer .check out entitle direct it is a great resorce . I have used them twice to great effect . filing fees ar what they ar in the city that is something you can research . but know this They will inflate all numbers when they can . It is up to you to do your homework , or else you will be flipping the bill. Ask questions about everything.I bet you 5 bucks when you tell your lawyer that you want to choose your own title company they will pitch a fit . They’ll say crap like waht’s that , never heard of them. I really like my title inc for this job. ask questions …and find out what choices you really have. the nytimes did a story on title inc check it out . Don’t be surprised if your lawyer gets pissed off or becomes nasty.And why do you think that is? GL