GFE/Closing Costs Question

[Anonymous]

Hello!

After a quite long and drawn out, very stressful process, my husband and I are scheduled to close on our house tomorrow at 8:30 am .  It seems like everything that could have gone wrong in this process has.

So, of course I am so stressed out and worried that still something will go wrong!

My question is about the accuracy of the GFE and closing costs.  We are using a USDA guaranteed loan, and are rolling our closing costs into the loan amount.  Our apparaisal came out to 156,000, and our purchase price was 150,000 (I guess one good thing that happened in this whole process!) But anyway, in our GFE we are "supposed" to be getting like $6 back at closing... I know that this is an estimate and is not always totally 100% accurate. I am just wondering like, how far off could it be? My LO is waiting to hear from the title company for the exact amount we need.. but I am just freaking out waiting thinking they will say we need like a couple thousand dollars or something. 

When we received the GFE, we were initially scheduled to close on Sept. 4th. I have read that closing at the END of the month (which we will be now closing on the 29th) is actually cheaper becaue you pay less interest... I am hoping that it is not substantially more.. otherwise I have no idea what we would do! acgh.

[ShanetheMortgageMan]

It should be reasonably close, but it's just an estimate keep in mind.  Items like pre-paid interest, months of reserves for the escrow account, and the aggregate adjustment amount (if there is one) can change depending on when you are closing and the due dates for property taxes.  So if your LO has properly figured all of those items out then the GFE should be very close to the final figures, but if they didn't do a scientific estimation on those items then it might be off by a few bucks to a few hundred bucks.  Closing later in the month reduces the amount of pre-paid interest charged at closing, so from the sounds of it you might actually get some money back (up to the amount of your earnest money deposit).

[Anonymous]

Ok, great.

I can handle it being off by a couple hundred bucks... even like a thousand... I just don't want to be like "oh surprise, you need to bring $2000 to closing tomorrow!" I think I would cry.

And hey, if we get some money back... I definitley won't complain about that!

I cannot wait for this whole process to be OVER. If I don't have an anxiety attack by the end of the day, it will be a miracle. haha

[ShanetheMortgageMan]

Yeah it can be a little daunting, but just make sure you ask your loan officer questions and stay in communication and even if there is a problem, you'll know about it with plenty of time to make adjustments.