Yinka L asked:


I am trying to refinance my house with Chase Bank, and today I received this good faith estimate in the mail, and with all this number I am not sure if this is what I want to do cost the closing cost is getting high more than what I thought it will be. Also what I currently my debt on this mortgage is 207,000 but with refinancing my debt jump to 215,000 so that I will not have to pay any closing cost out of pocket.

Can someone that no about this help me to check if this estimate is right and clear.

Also I am planning to buy a bigger house for me and my family, do you think it’s worth it to refinance this house or I should put it on sale instead of refinancing. Please any advice is welcome.

Also if I decide to refinance is there any way I can negotiate this estimate, and please kindly outline which one to negotiate. Thanks.

GOOD FAITH SETTLEMENT (Description of Settlement charges)

Loan origination fee $1050.00
Application fee $395.00
Processing fee $300.00
Underwriting fee $295.00
Courier fee $30.00
Flood cert $14
FHA MIP $3,675.00
Hazard Insurance reserve $165.00
County property taxes $918.00
Settlement or closing cost $350.00
Title insurance binder fee $150.00
Recording/filing fee $79.00
City/ county tax stamps $178.21
State Tax Stamps $534.19
9 or 90 (not too clear) days of interim interest $298.80
The current house value is 220,000

Alexander