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Can closing cost change drastically?

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Sabrian31487
Regular Contributor

Can closing cost change drastically?

So my ESTIMATED closing costs is 550.00 low but because 1500.00 rolled into mortgage, 2800.00 seller concession, and guaranteed fee financed into loan. I would like to pay off some credit card debt that I have accumulated since they pulled my credit report last time such as my appraisal fee which was 500 dollars. I just don't want to pay off credit cards and then then say I have to pay 1500-2000 in closing costs. My file has already been approved by underwriting for my lender now I just have to be sent to the USDA for final approval. Can the USDA see my charged amounts if they haven't been reported to the credit agencies yet? So close to closing but still super nervous.. Thanks for all answers.
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2 REPLIES 2
StartingOver10
Moderator Emerita

Re: Can closing cost change drastically?


@Sabrian31487 wrote:
So my ESTIMATED closing costs is 550.00 low but because 1500.00 rolled into mortgage, 2800.00 seller concession, and guaranteed fee financed into loan. I would like to pay off some credit card debt that I have accumulated since they pulled my credit report last time such as my appraisal fee which was 500 dollars. I just don't want to pay off credit cards and then then say I have to pay 1500-2000 in closing costs. My file has already been approved by underwriting for my lender now I just have to be sent to the USDA for final approval. Can the USDA see my charged amounts if they haven't been reported to the credit agencies yet? So close to closing but still super nervous.. Thanks for all answers.

The USDA, nor any other lender, can see your charged amounts if they haven't been reported to the credit agencies.

 

It is normal to be nervous before closing -especially if this is your first home loan (ever) or first mortgage in a long time.

 

I don't advise paying down your card in advance, though. Keep as much cash as on hand as possible going into your closing. There are always unexpected expenses when it comes to closing and moving. Most of the unexpected expenses come from utility deposits and moving expenses as your LE should be close to your actual cost to close.  

Message 2 of 3
Anonymous
Not applicable

Re: Can closing cost change drastically?

Keep the cash on hand until closing. It won't hurt you and if it is gone then it might.
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