Can we ask the mortgage broker/lender to stick what there GFE at the closing ?

3 Comment(s)

1. No..the GFE is just that..an estimate – those numbers fluctuate right up until closing and in most cases, the broker is not responsible for the fluctuations. If you look at the papers you signed, you will see a disclaimer that the prices are estimates and that you agree to pay whatever the actual charges are. Although you can negotiate some of the prices and the broker will stick to them, others are out of his control and will fluctuate. Just keep an eye on the broker to make sure he sticks to what has been negotiated.

   Steve D | Jun 6, 2009 | Reply

2. You can ask that the broker stick to the GFE, but that dosent mean they can. If you are an A paper borrower, your rates will change daily and that will change your estimated Escrow charges, depending on what day you close your per Diem interest will change.

   You can demand that the escrow, title, recording, processing, notary, wire transfer and the other basic fees stay the exact same as the gfe.

   watch the origination, that should not change! and watch the yield spread, there should be no yield spread! those are points/money back to the broker., good luck ask more questions if you have them.

   racache_us | Jun 7, 2009 | Reply

3. Any broker or lender-related charges should be the same at closing as they were on the estimate that was given to you at the start of the transaction. Third-party fees as well as pre-paid items (taxes, homeowner’s insurance, mortgage interest) are extremely difficult to determine up-front.

   Colorado Home Loans | Jun 8, 2009 | Reply

Post a Comment

You must be logged in to post a comment.