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PaddysGirl
Little princess is here!
Member since 4/07 5923 total posts
Name:
Crystal
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Good faith estimates - estimated settlement charges?
I have no idea what the are. Is this in addition to my down payment and closing costs? I am so confused. I thought we had all our stuff together. Good DP, have the closing costs, and can handle the mortgage, and daily expenses. Now I see this and we don't have that extra 30+ K sitting around.
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Posted 1/22/14 10:32 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Good faith estimates - estimated settlement charges?
The Good Faith Estimate is your closing costs.
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| Posted 1/22/14 10:51 AM |
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PaddysGirl
Little princess is here!
Member since 4/07 5923 total posts
Name:
Crystal
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Good faith estimates - estimated settlement charges?
Thank you. Now I'm confused because I was told CC were 2-3% of the selling cost and this is more than 6%.
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| Posted 1/22/14 11:26 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Good faith estimates - estimated settlement charges?
My closing costs were half of my good faith estimate. It was explained to me that the bank over estimates bc anything above what they estimate they are responsible for. I was surprised it was SO much less,like we were told 25k and it was like 11k or something like that Talk to your attorney and mortgage person, good luck
Message edited 1/22/2014 11:49:45 AM.
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| Posted 1/22/14 11:49 AM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Good faith estimates - estimated settlement charges?
Closing costs in NYS can range from 2-6%. When DH and bought our house last year our good faith estimate was a bit lower than our actual closing costs.
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| Posted 1/22/14 11:54 AM |
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PaddysGirl
Little princess is here!
Member since 4/07 5923 total posts
Name:
Crystal
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Good faith estimates - estimated settlement charges?
Ok thank you! That totally set a light bulb off for me. My brother went through this last year, same bank and he said it was so much higher than he actually had to pay.
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| Posted 1/22/14 12:13 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Good faith estimates - estimated settlement charges?
Posted by PaddysGirl
Ok thank you! That totally set a light bulb off for me. My brother went through this last year, same bank and he said it was so much higher than he actually had to pay.
our bank was Chase
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| Posted 1/22/14 1:17 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Good faith estimates - estimated settlement charges?
Posted by PaddysGirl
Thank you. Now I'm confused because I was told CC were 2-3% of the selling cost and this is more than 6%.
If you are escrowing taxes it's likely the reason you see closer to 6%.
Tax escrows aren't technically considered closing costs since they are prepaid deposits for your property taxes. These escrows are paid at closing though.
I never escrow my taxes and my closing costs never exceed the 2-3%.
Message edited 1/22/2014 1:39:07 PM.
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| Posted 1/22/14 1:38 PM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Good faith estimates - estimated settlement charges?
My attorney told us he rarely sees closing costs less than 6-7% of the sale price.
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| Posted 1/22/14 2:39 PM |
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MrsW326
LIF Adult
Member since 11/10 1132 total posts
Name:
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Re: Good faith estimates - estimated settlement charges?
5-7% if you're escrowing
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| Posted 1/22/14 8:42 PM |
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