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Final Closing Disclosure Question (Post-Closing)

Established Contributor

Final Closing Disclosure Question (Post-Closing)

Yesterday, I received the final Closing Disclosure from my lender and the "Cash from Borrower" amount was different.  Now, I admit that I didn't look at each line because I was checking the mail in a rush at the house, and I don't move in until 10/29. Well I paid about $250 more at the closing table than what the lender sent to me.  Does that make sense?  Will they apply it to my principal or refund me?  Should I contact the lender about this?

 

Thanks in advance.

04/27/10: EQ 517, TU 492, EXP 547 (mtg app) BK7 2/06, d/c 7/06
11/08/15: EQ 668, TU 707, EXP 675
2 REPLIES
Contributor

Re: Final Closing Disclosure Question (Post-Closing)

Check with your loan officer. 

 

Often times, the Preliminary CD that you receive 3 days prior to closing may be missing a few items that are added by the Closing attorney or settlement agent, but it's quite likely the one used on settlement day is the Final CD and the one that overrides, supercedes and is the REAL DEAL for you.

 

 

__________________________________________________

Licensed NC Mortgage Loan Originator
Moderator

Re: Final Closing Disclosure Question (Post-Closing)


securingourfuture wrote:

Yesterday, I received the final Closing Disclosure from my lender and the "Cash from Borrower" amount was different.  Now, I admit that I didn't look at each line because I was checking the mail in a rush at the house, and I don't move in until 10/29. Well I paid about $250 more at the closing table than what the lender sent to me.  Does that make sense?  Will they apply it to my principal or refund me?  Should I contact the lender about this?

 

Thanks in advance.


It isn't possible for us to guess what makes the difference in your final CD. It could be any number of items. The best way to know is to go line by line to compare the preliminary CD to the final CD. As pointed out above, the final CD is the one that counts so don't expect a refund at all.  Most of the time the differences I have seen are due to errors or pro-rations.  For example:

  • HOA, if applicable, decides to collect next months fee at closing rather than collecting it on the 1st of the month
  • Survey cost may have increased or have been missed by the title co earlier
  • There may or may not be a proccessing fee charged by the Realtor's broker that was missed on the preliminary CD but was in your contract or other disclosure
  • Insurance premium could have changed from the preliminary

The above are some of the common differences, but you are in the best position to see exactly what was changed by comparing line by line both the preliminary and final CD's. Please note:  moving in has nothing to do with the charges on your final CD.  The date that is important is the actual closing date. That is when all your pro-rations are calculated.