August 6th, 2009 11:40 AM by Eric Fang
I got lots of phone calls recently about the GFE. Here is more explanation.
On 2nd page of the contract, under 4 D)Escrow and Title, it specify who is going to pay those owner's title insurance and escrow fees. We could not get an accurate GFE without the contract(or we assume it's a standard contract)
My job is to let my borrower to understand not only the rates but also the closing fees. There were cases before that some agent under-estimate the closing cost so they can quote lower rate (no cost loans) at the beginning and then they told the borrower that they have to increase the rate because the higher fees.
Please click here for the estimated closing cost(purchase) for each county.