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Dolores Said:

Puzzled about GFE?

We Answered:

Simply stated, the closing fees pertian to you, the person closing the loan. Title fees insure the title when you take posession and is your one time premium to insure the title of the home against past judgements and collections attaching to your home. Pre paid interest is paid at the closing, and that is what gives you your i month deferred payment. You will also be charged other various fees in conecction such as processing, appraisal, recording fees which are all standard fees associated with any closing, also your first years homeowner's insurance comes out of your pocket and ahs to be paid up front prior to the lender closing the loan. Make sure you get yourself educated, and ask as many questions as you need to to insure you do not get ripped off at the closing. This happens too many times, and the client's alwasy blame the lender, but the borrower has a responsibility to know what they are signing before they commit to anything. Speak to your attorney and have them read over any documents that you do not understand, as it is their job to watch out for you in any real estate purchase. If you are not comfortable with your lender, listen to your gut. Call other lenders if you feel the need to get more accurate information. You can email me if you need any further advice! Best of Luck!!

Jeffrey Said:

GFE question?

We Answered:

Why would the seller pay title insurance premium? There are two title insurance policies--one for your protection and one for your mortgage company's protection. Neither benefits the seller. And, as I responded in the previous answer, the prepaid interest is yours. It's your loan, you owe the interest. If taxes are paid in arrears, the seller will pay you his share of those.