Closing Costs

[Anonymous]

Okay this might be a stupid question but here it goes. My GFE shows my closing costs at 7,000 (which I think is high, my mortgage is only for 74,000). Now is that the money I need to bring? The sellers are paying 3,000 and the UPMIP is supposed to get rolled into the loan amount, and I already paid my appraisal fee upfront, so those should be subtracted from that 7,000 right? so I would end up owing quite a bit less like (7,000-3,000-1283-450=2267). Then I need the rest of my down payment, correct? which should be about 1,660 (I put a good faith down so that would be subtracted from my down, right?). We are supposed to close tomorrow and don't know if I need the full amount and they refund me the difference or if I need the amount after all has been subtracted, just trying to plan for it all. Thanks.

[jcrsmom]

My closing costs do not include any appraisals, inspections etc, I had to pay them in addition to the closing costs.  So you would need to see how yours are to be paid.  Who is your mortgage through?  

[Anonymous]

My mortgage is through Nations Lending Corp. I already paid the appraisal fee and they said that would be deducted, I just don't know if they take it off before I get the check or if I include everything then get like a refund after all is said and done.

[jcrsmom]

So when you paid the appraisal fee, was that in addition to what the closing costs were?  I would ask your LO for a breakdown of what the closing costs cover so you know 100%.

[Anonymous]

Thanks, I mean I think I worked out the total correctly, he did say the appraisal fee would be removed since it was paid up front but not sure how it is all worked out, like I said do I pay after the deductions or before and get a refund?

[jcrsmom]

I think you will pay and then they will refund whatever is left after closing.  *I am not 100% sure*

[StartingOver10]

If you are closing today, you should have already seen a copy of your closing statement (also called the HUD1).  The closing statement is a complete reconciliation of all of your charges and your credits. At the bottom of page one on the left side on line 303 is exactly what you need to bring to closing. All of your credits will be on the closing statement too, like the credit for the appraisal you paid for outside of closing (POC). All the sellers credits will be on the closing statement too.

If you haven't seen the HUD yet, get in touch with your Realtor for a copy. If the Realtor doesn't have it, get in touch with the title company (or attorney) that is closing the purchase.

Every charge and every credit is on the HUD1 so you know exactly how much to bring to closing

[Anonymous]

Thanks StartingOver, we are trying to close tomorrow, but still waiting for the Clear To Close but lender thinks we are going to pull it off. It will be a miracle if we actually close on our scheduled date because of the issues that come up over the last 2 weeks.

[StartingOver10]

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@Anonymous wrote:

Thanks StartingOver, we are trying to close tomorrow, but still waiting for the Clear To Close but lender thinks we are going to pull it off. It will be a miracle if we actually close on our scheduled date because of the issues that come up over the last 2 weeks.

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Well, if you don't have your CTC, then the HUD1 won't be ready.

The procedure is:  application > processing > underwriting > approval with conditions > back to underwriting to clear the conditions > clear to close > closing department to prepare loan package > title co/attorney to prepare HUD1 > lender approves HUD1> closing.

It is typical for the closing department to take up to 72 hours to prepare the closing package after you have the CTC.

[Anonymous]

Really??? My lender said we should still close tomorrow...even though it only went back into underwriting for final approval on Friday. He and the processor both said it should be a quick turn around....