Question regarding closing disclosure.

[Anonymous]

Hi all!  Just a question--

How far off are the cash-to-close and monthly mortgage numbers stated in the closing document from the actual/final thing that I'll be paying come closing day and the monthly mortgage?

I ask because I received my closing document today and the numbers look good (by "good" I mean, the fees I'll be paying are less than what I've budgeted for).  

What my problem is, I feel like the property taxes used in the document are actually too low, which I believe is the reason why the fees are less than what I was actually expecting.  Know that my loan estimate document and my closing disclosure actually match up (with the exception of the appraisal value and credit report fee being taken off my closing disclosure since I already paid for those).

I didn't want to bring it up since I didn't want to be that person who'd go "hey guys, I think I need to pay more".  By and large my closing disclosure is correct; it's just the taxes part that's tripping me up a little.  Before I signed, I told my loan originator about it and he said that if there are actually any errors in the amount, that the title company will update it with the correct one and not to worry.  So I already signed since I didn't want to delay the closing more (we've been delayed three times).

Can anyone shed some light into this for me, please?

PS. The house that I'm buying is classified initially by the builder as a "single family home" but it's really a townhouse.  How much less are property taxes for townhouses? ('cause this entire time I've been using property tax figures for single family houses; also I live in Texas).

[Anonymous]

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@Anonymous wrote:

Hi all!  Just a question--

How far off are the cash-to-close and monthly mortgage numbers stated in the closing document from the actual/final thing that I'll be paying come closing day and the monthly mortgage?

I ask because I received my closing document today and the numbers look good (by "good" I mean, the fees I'll be paying are less than what I've budgeted for).  

What my problem is, I feel like the property taxes used in the document are actually too low, which I believe is the reason why the fees are less than what I was actually expecting.  Know that my loan estimate document and my closing disclosure actually match up (with the exception of the appraisal value and credit report fee being taken off my closing disclosure since I already paid for those).

I didn't want to bring it up since I didn't want to be that person who'd go "hey guys, I think I need to pay more".  By and large my closing disclosure is correct; it's just the taxes part that's tripping me up a little.  Before I signed, I told my loan originator about it and he said that if there are actually any errors in the amount, that the title company will update it with the correct one and not to worry.  So I already signed since I didn't want to delay the closing more (we've been delayed three times).

Can anyone shed some light into this for me, please?

PS. The house that I'm buying is classified initially by the builder as a "single family home" but it's really a townhouse.  How much less are property taxes for townhouses? ('cause this entire time I've been using property tax figures for single family houses; also I live in Texas).

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Since you mention builder, my first question would be is this a newly built home?  Like this year?  If so this also happened to me and dont let it catch you offguard later.  My first CD had much higher tax payment too.  It was based off estimate.  THEN when I got the finaly one it was MUUUUUUUUUUUUCH lower BECAUSE the property for this year was assessed on unimproved property.  When they appraise it NEXT year with improved my taxes will be higher.  So if this is the case, just know that your payment WILL go up eventually so dont get comfortable with that lower payment.  Budget for the higher amount.  Yes I brought in less but that just means that I might end up with a shortage next year.  SO I am actually paying that extra amount into my escrow account each month so that doesnt happen to me.  Id rather put in the amount NOW each month than have to come up with a larger lump sum next year.  Some people roll it into their payment but that along with the increased monthly the lender will tack on can make your payment skyrocket.

Also I am in Texas.