What is the Refinance / Payoffs line item in a GFE?
On my GFE I just noticed something else changed when I got the admin fee removed (about $350). In the Transaction Summary section, there is a column that has Purchase Price, Refinance / Payoffs, Est Closing Costs, Est Prepaid Items, and then a total for all that. What is Refinance / Payoffs? It went from 0 to $865. Instead of my overall cost going down $350, it went up about $500. If anyone can give me a heads up on this before I ask my lender, that'd be great. by stevea1979 from Clearwater, Florida. Nov 16th 2009
Steve and Eleanor Thorne (Eleanor Thorne)
#1 ranked lender in North Carolina - 27 contributions
If you are paying off a 2nd mortgage or equity line that might be the fee the lender is charging? Other than that - if it is a purchase - I have no idea. Sorry!
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
That is definitely something you need to have your lender explain. It is sometimes confusing to a borrower when totals are just shown on a summary type GFE. You have a right to have all fees fully explained to you.
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