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Originally Posted by LACSTER
It exactly what it's named. The gfe will give you a close estimate of what you're looking to see at closing. If you're purchasing a home then most of the time it'll make you pay the hazard paid in full for one year and also collect an 2-3 additional month for a cushion just in case your premium goes up next year the lender has enough to pay out. Depending on when you close for example if you sign your docs on Friday the 6th. The bank with collect interest from the 7th until the end of the month and you're first payment will be due 04/01/09 because interest is paid in the rears. No pun intended! They probably use a basic insurance quote but if you can supply them with your quote they'll use that. All you need to worrie about is points if there is any oh and also ysp which is what the broker is getting back from the lender. Hope this helps.
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a banker doesn't disclose how much they make only brokers. they can still hit yo at the closing with extra fees. you don't have to escrow but your rate will probably be higher...