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COblonde | Mortgage broker is telling me that I'm needing to come up with about $500 more when closing is scheduled for? |
the 10th. This is based on the lender wanting more up front to cover escrow. The closing has always been scheduled for the 10th but now the broker is telling me this has changed because it's after the 1st of the month. This isn't his first rodeo so why is this coming up now, last min.?? |
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pinkluxe
|
You should have gotten a good faith estimate. If you are paying more in closing costs than what is on the good faith estimate, you can tell your mortgage broker that they need pay that extra amount. Tell them you can't afford it and they should have known about that $500 if the closing date has been the same from day 1. If it's their mistake, they need to pay for it. But if they did figure that in to their original estimate, then you gotta pay it. |
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mochalyte
 |
I am a direct lender ( I actually work for a lending institution) and what is happening with your loan is this. The broker makes his/her money off of the points they charge. Once they have shopped your loan out to several different lenders and the lenders tell them the terms and conditions of the loan, in addition to what the lending fees are going to be, etc. the broker may in turn either have to lower their points (therefore reducing the amount they are paid) or have the money pull/allocated to another fee in the loan to compensate for what they are losing to make the loan work. A lot of times the broker is not as efficient as they should be and tend to make promises to clients on what they can offer them when they really do not know until they have shopped your information out to various lenders, hoping to acquire what they have pitched to you and the one that is going to fatten their pockets the most. Also, the reason for them wanting to close your loan on the 10 is because there is a per diem per day charge associated with your loan(per day daily rate for the amount of days left before closing). It would be more beneficial to you to close at the end instead of the middle.
You have several options: 1. You can decide not to go through with the loan. 2. You can say that you do not want to escrow and that you will pay taxes and insurance on your own. 3. Tell them when you want to close, after all they want your business(take control of the transaction). 4. Ask to review the HUD before you close to see all the fees and points you are being charged. If they decide against or you do not like it, do not close.
I would suggest to you to cut the broker out of the transaction and deal with the lender directly. It will save you time and money. |
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TygerLily
 |
Until you sign the loan, taint yours, Kiddo. Like other posters said, find out exactly why he needs this money, if you are at all skeptical, find another loan.
If the broker is one of the bad apples, you do all of us a favor by letting him know he's being unreasonable. |
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amandafofanda66
|
Because most mortgage brokers are shady. Go through a lender directly because the lender may not want the fee. The broker may be taking it and passing it off as the lender. |
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Rico
 |
Because everything is pro-rated from the date of the closing. When you start the process nobody knows for certain the exact date. But it all comes out even. Your first-payment date probably moved back as well. |
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financing_loans
 |
I disagree with everybody.... If he knew it was closing on the 10 he would know the lender he is going with. They will say we need 10 months taxes, 6 months hazard, 20 days interest. He should know this. If he doesnt he should have made a 20 second call to closing and ask. This is not a hard question.
If it was always scheduled for the 10th and thats when you are closing. Your loan officer screwed up. You can calculate this to within a few dollars.
If he based what you had to pay on closing on the first you should be paying 500 less, if its a refinance I cant imagine it being 500 more. He screwed up. Its that simple.
That or he just wants to hit you for another 500 bucks because you are out of options.
His/her explanation is worse then horrible. I would say Im not doing it. You pay it, or you show me exactly where you messed up. Then we can talk. Say I want to see all the numbers. You have payoffs, you have title fees, you have lender fees. How is it 500 dollars more? What did you do wrong? Then I will decide if I want to do this mortgage. Make him explain what changed and make him make it extremely clear.
He is an idiot or he is just going for another 500 dollars. If it was his mistake he should pay for it, not you. |
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DCS
 |
the bank will want the propert taxes paid upforthe current month plus 2 months. so it is possible that they listed it wrong on your original documents. also if they only listed 5 days pre paid interest there really is 20 so that can cause the closing costs to jump up. if you are buying the home thenthe sellers side usually picks the title/closing company. if thatis the case maybe the closing/title fees are higher then the brker isused to. brokers are not shady, there are bad apples in every bunch. just ask you broker what the extra money is for and why it was not caught int he beginning. remember a good faith estimnate is just an estimate although it should be within 250-300 of quoted unoless somethingcameup likei listed above |
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buyhawkeye.com
 |
The lender dictates to the broker how much to hold back in escrow at the closing. Your broker may not be the most experienced person, but escrow is beyond his control. Regardless, that is your money being held in escrow to pay taxes/insurance and not his profit. Any money you pay to escrow, you will be receiving back in one form or another (ie, your taxes get paid). |
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