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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Did your closing costs change much by closing date?
 Our GFE from the mortgage guy was at least 2K lower than the number my lawyer just gave me.
Did this happen to anyone? I'm really about this since we gave our mortgage guy an exact figure of what we wanted to put down- including closing costs. We wanted to leave some in there for savings.
It's a townhouse too so I thought it might be a little lower than a house would be. But maybe I'm wrong.
I've already contacted my mortgage guy- haven't heard from him. I'm just really 
TIA
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Posted 1/22/08 3:20 PM  |
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Prudential Douglas Elliman Real Estate
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Did your closing costs change much by closing date?
There was a difference in what our mortgage broker gave us and what our lawyer gave us, the lawyer's number was $2-3k higher.
In the end - the lawyer's number was correct. He had the actual price of items like the survey (from the people he works with consistently) and the mortgage broker just had estimates.
ETA - The amount of interest you will pay at closing varies based on the time of month you close - if you close early in the month, you will need to put down more $ for interest at closing. It all equals out in the end because your first mortgage payment is due at the same time no matter what time you close (ie if you close in Feb, your first payment is due on 4/1).
Message edited 1/22/2008 3:32:28 PM.
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| Posted 1/22/08 3:29 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Did your closing costs change much by closing date?
Mine was about right, but don't be surprised if you find out the exact amount to bring the day before or even the morning of your closing.
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| Posted 1/22/08 3:32 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: Did your closing costs change much by closing date?
Posted by ali120206
ETA - The amount of interest you will pay at closing varies based on the time of month you close - if you close early in the month, you will need to put down more $ for interest at closing. It all equals out in the end because your first mortgage payment is due at the same time no matter what time you close (ie if you close in Feb, your first payment is due on 4/1).
I don't remember what our GFE was, but it was definitely lower than what the closing costs turned out to be. I knew that the # on the GFE was too low, so I was prepared for more.
We closed on May 9th. So we had to pay interest for the whole month. But our first mortgage payment wasn't due until July 1st.
Since taxes were due may 31, we also paid the second half of taxes at the closing. We also had to pay for the 20 or so days that the previous owner had prepaid.
So these were all costs we would have had to eventually pay, it just worked out we paid at the closing. Our CC would have been $3,000 cheaper if we didn't have to pay the taxes at closing, but we would have had to pay it anyway a week or two later.
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| Posted 1/22/08 4:01 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Did your closing costs change much by closing date?
Ours was a few thousand off too, because of escrowing taxes & insurance. And we were told "that's why they call it an estimate". 
Better to budget for it than be surprised.
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| Posted 1/22/08 4:20 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Did your closing costs change much by closing date?
A good faith estimate does not include all of your closing costs and is usually a little off. One thing it doesn't have is all the other title charges--it will include your mortgage tax and policy but there are more charges involved. Also teh GFE is usually based on if you close the 15th of the month when it comes to interest. SOmething also not included is adjustments for taxes to the seller or oil adjustments etc. Your lawyer shoudl have went over the numbers with you when you went to sign the contracts and use the GFE to help him/her figure it out. As an attorney I usually overestimate and give my client the number if there are escrows or if the bank isn't taking escrows so that there are no suprises the day before.
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| Posted 1/22/08 4:21 PM |
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dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
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Re: Did your closing costs change much by closing date?
ours was about right actually we got 1K back at closing
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| Posted 1/22/08 6:47 PM |
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