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

rainbow asked:


How to finance a mortgage when you just get employed less than 1 month? I plan to buy a house for $85,000, with $20,000 down and just started working ($15/hour). I had no work history in the last 2 years, no W2 form in the past. I talked to one agent at Chase bank, he said I am not qualified for a loan, and I was in doubt. How could students just graduated, got a job to buy a house? Most graduated students do this right? My credit score is okay, 650 as I remembered the last time I checked

I was employed by my parents business, is this an issue? It is a legitimate business, and my parents paid for taxes every year. My parents are in business for 6 years now.

What are the proof the bank will need? Employment verification letter from the owner of the business?

Do you know any private loan is doing stated income loan?

Please advise

Thanks
I just checked my credit score and it is 770. I think it is good credit score

Marie