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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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Bank financed closing costs...
We close on Friday- what closing costs are the bank taking care of, and what do we have to pay out of pocket?
I am confused because thus far, 2 big expenses that were on our good faith estimate had to be taken care of by us, out of pocket- so why did the bank estimate them into our financed amount?
I am referring to 1 full year of homeowners insurance, and the interest penalty for closing int he beginning of the month.
Has anyone here beent hrough this? What other expenses should we expect to shell out? Or will the rest be taken care of by the bank?
No one has told us what we need to bring, and- quite honestly, our lawyer is annoying.
But not as annoying as our mortgage broker!
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Posted 5/1/07 9:08 AM  |
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Prudential Douglas Elliman Real Estate
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Bank financed closing costs...
the H/O insurance is a part of your monthly payment and put into escrow.
The interest penalty should be paid by you, not financed, unless they rolled that into your monthly payment too -
eta: Those shouldnt be the biggest ones - mortgage recording tax should be large, as well as title.
Message edited 5/1/2007 10:05:51 AM.
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| Posted 5/1/07 10:02 AM |
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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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Re: Bank financed closing costs...
But we had to pay 1 full year of H/O ins up front...
Then, yes- after ythat, HO ins ( ) is part of our monthly payment, to take care of next year's premium.
But OK- so what I'm asking is, I guess- who here has financed their closing costs?
BC I thought the point was to have it fainanced, as in- not out of pocket.
And the bank set our borrowed amount at $XX, to include $17K for closing costs... so- why is it I keep writing checks?
What else will NOT be covered?
Or is that on a case by case basis?
Getting answers form my attorney and my mortgage broker is like pulling teeth!
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| Posted 5/1/07 10:12 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Bank financed closing costs...
We didn't finance our closing costs, but definitely your lawyer s/b helping you with this...
How about calling Lynn Law...she's ALWAYS helpful...even at this point. Explain to her that no one - ie Lawyer & Pi are not being helpful in answering your questions...
Didn't you also get the grant for your closing costs? Make sure that's not getting "lost".
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| Posted 5/1/07 10:28 AM |
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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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Re: Bank financed closing costs...
Ugh!
Yeah, the grant is good to go, thankfully!!!
We used it to cover our DP- so that comes as a check to us at closing.
I called the DH and told him to call the lawyer- it's his BFF.
I just may call Lynn...
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| Posted 5/1/07 10:30 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Bank financed closing costs...
Posted by MrsNaunie
Ugh!
Yeah, the grant is good to go, thankfully!!!
We used it to cover our DP- so that comes as a check to us at closing.
I called the DH and told him to call the lawyer- it's his BFF.
I just may call Lynn...
Seriously...just call Lynn...she's always willing to answer any questions. Even at this stage in the game.
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| Posted 5/1/07 10:36 AM |
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