Comparison of Good Faith Estimate (GFE) and HUD-1 Charges

Posted by: najirashid on Tuesday, July 22nd, 2014

When your lender gives you a Good Faith Estimate (GFE) there are some fees that can’t increase on you at settlement. There are some charges that can’t increase above 10%, and there are some charges that can change. Below is the list of charges that can and can’t change on you at settlement.

Charges That Cannot Increase!

Origination charge- #801 HUD 1

Your credit or charge (points) for the specific rate chosen- #802 HUD 1

Your adjusted origination charges- #803 HUD 1

Transfer taxes- #1203 HUD 1

 

Charges That in Total Cannot Increase More than 10% HUD 1

Government recording charges- #1201 HUD 1

Appraisal fee- #804 HUD 1

Credit report- #805 HUD 1

Flood certification- #807 HUD 1

Mortgage Insurance Premium- #902 HUD 1

 

Charges That Can Change

Initial deposit for your escrow account- #1001 HUD 1

Daily interest charges- #901 HUD 1

Homeowner’s insurance- #903 HUD 1

Title services and lender’s title insurance- #1101 HUD 1

Owner’s title insurance to NAT and NATIC- #1103 HUD 1

Survey- #1302 HUD 1

Topics: Financing, First-Time Home Buyers, General, Interest Rates

 

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