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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Please Help Me Calm Down
My mortgage broker just called me to say that a 5K credit that I was supposed to receive post-closing from the seller now, per my lender, has to be applied towards closing costs. It's really just a shift of money but I'm afraid I'm going to run out of it!
Did anyone else ever feel this was as closing approached?
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Posted 12/6/06 4:02 PM  |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Please Help Me Calm Down
our sellers told us when they bought the house - they had $.10 in the bank after closing! talk about cutting it close!!!
It's definitely scary when you have all this money in the bank and then it seems to be just GONE!! Hang in there - you pay the first month of mortgage at closing - so you have a month to catch up!
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| Posted 12/6/06 4:31 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Please Help Me Calm Down
well, at least that 5K doesn't have to come right out of your pocket at closing- its definitely scary though - I think most of us feel the same way!!
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| Posted 12/6/06 4:36 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Please Help Me Calm Down
Posted by Eleanor
our sellers told us when they bought the house - they had $.10 in the bank after closing! talk about cutting it close!!!
It's definitely scary when you have all this money in the bank and then it seems to be just GONE!! Hang in there - you pay the first month of mortgage at closing - so you have a month to catch up!
Wait -- I thought I only pay the remaining mortgage for this month at closing. Meaning, I'd pay what's left of December and then my next payment wouldn't be due until Feb. 1.
Please tell me I have that right!
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| Posted 12/6/06 4:49 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Please Help Me Calm Down
Posted by RandJ0806
Posted by Eleanor
our sellers told us when they bought the house - they had $.10 in the bank after closing! talk about cutting it close!!!
It's definitely scary when you have all this money in the bank and then it seems to be just GONE!! Hang in there - you pay the first month of mortgage at closing - so you have a month to catch up!
Wait -- I thought I only pay the remaining mortgage for this month at closing. Meaning, I'd pay what's left of December and then my next payment wouldn't be due until Feb. 1.
Please tell me I have that right!
Actually, I thought you just paid the interest for the rest of the month at closing,and then your first mortgage payment would be due a month from your closing date.
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| Posted 12/6/06 4:53 PM |
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Eva Luna
Be kind...life's hard!
Member since 8/05 4750 total posts
Name:
God, bless & heal my DH, JenG's DH Rob & DebG
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Re: Please Help Me Calm Down
Posted by RandJ0806
Posted by Eleanor
our sellers told us when they bought the house - they had $.10 in the bank after closing! talk about cutting it close!!!
It's definitely scary when you have all this money in the bank and then it seems to be just GONE!! Hang in there - you pay the first month of mortgage at closing - so you have a month to catch up!
Wait -- I thought I only pay the remaining mortgage for this month at closing. Meaning, I'd pay what's left of December and then my next payment wouldn't be due until Feb. 1.
Please tell me I have that right!
Yes, this is right.
We closed in April and the first payment was due 6/1.
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| Posted 12/6/06 5:07 PM |
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snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
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Re: Please Help Me Calm Down
we closed dec. 1st and our first payment is due feb. 1st
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| Posted 12/6/06 5:46 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Please Help Me Calm Down
you pay the remaining interest on the month and the first month mortgage. It's included in your closing costs. Then your first payment will be due in two months. We closed Dec 11 and our first payment was due in Feb.
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| Posted 12/6/06 6:51 PM |
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jodi714
Love my little girl!
Member since 2/06 3621 total posts
Name:
Jodi
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Re: Please Help Me Calm Down
Closing costs are always more than the good faith estimate. We got less back at closing than expected (we had a seller's concession) and now 4 months later we just got a call that we owe $1645 for another tax that the mortgage bank forgot about  .
I would check with your mortgage broker/bank as to when your first payment is due. We were told by family/friends it would be due Oct 1 when the closing was at the end of July but actually it was due Sept 1...another whammy!
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| Posted 12/6/06 7:02 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Please Help Me Calm Down
Unfortunately closing costs are a RIP OFF. When I sold my co-op I definiteley thought we were going to walk away with more money, and than when we bought are house we got hit again, not as bad though. There are too many people you have to pay.
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| Posted 12/7/06 7:00 AM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Please Help Me Calm Down
Posted by RandJ0806
Posted by Eleanor
our sellers told us when they bought the house - they had $.10 in the bank after closing! talk about cutting it close!!!
It's definitely scary when you have all this money in the bank and then it seems to be just GONE!! Hang in there - you pay the first month of mortgage at closing - so you have a month to catch up!
Wait -- I thought I only pay the remaining mortgage for this month at closing. Meaning, I'd pay what's left of December and then my next payment wouldn't be due until Feb. 1.
Please tell me I have that right!
Maybe I have the numbers wrong (when we got the actual loan number from the bank it was less than what we applied for by about $1500, so I assumed it was the first month mortgage - i.e. instead of having a $300K loan it was a $298,500 loan), but I have never heard of anyone not having the month to catch up - however the money is worked out. I think banks know that people stretch themselves when buying.
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| Posted 12/7/06 7:42 AM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: Please Help Me Calm Down
Don't stress. Call your mortgage company or attorney and get them to run through the closing costs with you again a couple of days before the closing. When I bought my first place I was so afraid I wouldn't have enough money, but I had no problems.
I always heard horror stories where people said the closing costs were a lot more than estimated, but both times I bought my homes, the costs were less!
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| Posted 12/7/06 9:31 AM |
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