FHA Streamline Loan Estimate - questions

EaglesFan2006 — Fri, 20 Nov 2020 20:34:52 GMT

I'm going through FHA streamline Refi right now...I had a couple of questions regarding the loan estimate and probalby won't be able to get in touch with the LO until Monday. I figured I would ask here to see if I can help alleviate the stress over the weekend.

I'm doing the Refi through the same servicer/lender (penny mac) as my current loan

The LO gave a me a cash to close number of $1400 on the phone and this $1638...which I know is an estimate and I'll get some clarity from him when I speak

however, a couple of things stand out as potentially odd to be, but maybe their normal:

1) In Section F (Prepaids) it isn't collecting anything for Homeowners or MIP in that section, just taxes and prepaid interest. It is collection 10 months or Homeowners in Section G when normally thats two or 3 months, so i'm assuming maybe its all being collected there. Meanwhile I do see MIP in Section B... want to make sure they didn't miss Prepaids for those two things and if that looks normal for what I described. I'm 99.9% sure this part is good

2) This is the one I'm a bit more confused about: In the 'Calculationg Cash to Close' section it lists a little over 2k in the Adjustments and other credits section. It doesn't detail what that is...I'm assuming that is based on my current escrow that will roll into the new loan, though the amount doesn't quite match up? Also is it save to assume that since this will close early January and I still have to make a December payment, that Escrow balance on here will increase as the only thing that would be coming out is the Decemer MI payment?

3) The other closing costs on here seem normal and all that

So based on these, just trying to make sure that seems right and i'm not looking into some major increase in cash to close. I get these are estimates, and I know the exact property tax amount or days of prepaid interest might change...barring those normal things, just looking to confirm nothing big is missing.

Thanks in advance

Re: FHA Streamline Loan Estimate - questions

EaglesFan2006 — Fri, 20 Nov 2020 23:02:27 GMT

@EaglesFan2006 wrote:
I'm going through FHA streamline Refi right now...I had a couple of questions regarding the loan estimate and probalby won't be able to get in touch with the LO until Monday. I figured I would ask here to see if I can help alleviate the stress over the weekend.

I'm doing the Refi through the same servicer/lender (penny mac) as my current loan

The LO gave a me a cash to close number of $1400 on the phone and this $1638...which I know is an estimate and I'll get some clarity from him when I speak

however, a couple of things stand out as potentially odd to be, but maybe their normal:

1) In Section F (Prepaids) it isn't collecting anything for Homeowners or MIP in that section, just taxes and prepaid interest. It is collection 10 months or Homeowners in Section G when normally thats two or 3 months, so i'm assuming maybe its all being collected there. Meanwhile I do see MIP in Section B... want to make sure they didn't miss Prepaids for those two things and if that looks normal for what I described. I'm 99.9% sure this part is good

2) This is the one I'm a bit more confused about: In the 'Calculationg Cash to Close' section it lists a little over 2k in the Adjustments and other credits section. It doesn't detail what that is...I'm assuming that is based on my current escrow that will roll into the new loan, though the amount doesn't quite match up? Also is it save to assume that since this will close early January and I still have to make a December payment, that Escrow balance on here will increase as the only thing that would be coming out is the Decemer MI payment?

3) The other closing costs on here seem normal and all that

So based on these, just trying to make sure that seems right and i'm not looking into some major increase in cash to close. I get these are estimates, and I know the exact property tax amount or days of prepaid interest might change...barring those normal things, just looking to confirm nothing big is missing.

Thanks in advance

I'm good with the above. The 2k is actually a credit back for the previous mortgage premium.

one thing they did say I'm confused about: They said my current escrow is being credited toward the payoff price. They said the payoff includes 60 days of interest as lock in at the daily rate. Does that sound right? I'm sure it is though I'm not sure why that would be ...

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FHA Streamline Loan Estimate - questions

Re: FHA Streamline Loan Estimate - questions