Closing Cost and Good Faith Estimate??????

Question

We are in the middle of buying our first home. Seller is paying $5000 towards closing. Our GFE shows estimate to close of $4000 something. is the GFE only shows how much is our closing for our end only or the total closing cost??...

Answer 1

def. ask your lender and/or realtor for assistance

your lender can draw another GFE reflecting changes, and before you close you will get the final Hud 1 which will detail everything -

stay in the loop so you won't have any surprises.

Answer 2

Your GFE tells you total closing costs in all.  So if it says you need to come out of pocket $4000 to close, that is the total.  However, depending on where you are at in the process your GFE could definitely change a little bit by the time you get to the end.  It's not a bad idea to ask for an up to date GFE a few times as you move along in the process (if you know things are changing).

Answer 3

Ask your Realtor to draw up a mock HUD 1

Answer 4

it should be all broken down and written on your GFE. Also, you didn't disclose how much the house was worth, and closing costs are a percentage of that, so it's hard to tell you what you want to know. Go ask your realtor!!

Answer 5

that is closing cost only. Did they include prepaid items such as taxes and insurance if not then look out you may be bringing lots of cash to the table

Answer 6

Those are kinda hard to read if you dont know how to, we are going through the same thing and all of the numbers didnt match exactly, but its not on our end so our realtor said everything was OK. Call the lender and ask them to explain they shouldnt have a problem with that and its your loan so you should feel comfortable and have an answer to all your questions. Ask ask ask, and then if your not sure ask a little more.

Answer 7

$9000 would put you just under 6% on $172,000 home -- that is probably about right, so it wouldn't surprise me if that is YOUR portion.

I have heard of some that are closer to 3% though, so it may be "total".  Just look at your GFE -- does it list things as paid for by seller or any type of seller's contribution?  If it isn't included in any form on the GFE I would think it isn't included.