Posted on: 04th Aug, 2010 06:45 am
We are 2 weeks away from closing on our first home, but we have a question, and aren’t sure if we should ask the lender or not. The purchase price is $168,950 with the seller paying $5040 towards closing costs. Here is the questing, at the bottom of the fee worksheet it has the breakdown of all the $$ associate with closing, and it states estimated closing costs $3967.00, then it goes through the fees required by lender to pay in advance, reserves deposited with lender, (our earnest $ check for $1500, appraisal paid $425) , then it states “total estimated settlement charges†$8910.30… it then subtracts what the seller is contributing - $5040 and says we need to bring $4191.30 to closing. .. Does this include the 3.5%? It says the actual Loan amount is for $166,704… I don’t want to go to closing and be surprised…. It’s snug enough to bring the $4k… I can’t imagine bring another $5900? Any Loan processors know if this would include the down payment? Or am I missing something? Thanks!
They are crediting the up front fees you paid towards the 3.5%.
Don't be afraid to ask your loan officer questions, that's a part of his job.
Don't be afraid to ask your loan officer questions, that's a part of his job.
thanks.. I just dont want him to think that I am questioning the money to bring to the table due to our lack of $$$.... we have it, it's just to us $4000 is alot to put down as it is...
Mandy, I would definitely talk to your LO about this. His ultimate goal is to close your loan and like Nic said, it's his job.
