topic Re: Loan Estimate Closing Costs vs Final Disclosure Closing Costs in Mortgage Loans

Loan Estimate Closing Costs vs Final Disclosure Closing Costs

Anonymous — Wed, 03 Nov 2021 01:49:26 GMT

We are closing in two weeks, and I have been trying to get an idea of what our actual closing costs will be. I know lenders tend to overestimate closing costs on the LE, but the fact of the matter is I really don't like the uncertainty of not knowing how much we need to bring to the closing table until we get the final cd a few days before closing. Lol. I have a pretty accurate ballpark of what I think the end cost will be based on my calculations. We have shopped around to keep costs on the lower end for line items we can control (such as homeowner's and settlement agent fee), so I know we will definitely be at a lower cost for those items in comparison to our original LE. I am curious to hear about everyone's experience when it comes to what your closing costs were in comparison to your original estimate.

Re: Loan Estimate Closing Costs vs Final Disclosure Closing Costs

NC_Mtg_Loaner — Wed, 03 Nov 2021 03:03:37 GMT

Do you know the costs of all your inspections?

What about the cost of closing from your settlement agent?

Unless you overspent on items you were shopping for, your figures should be in the same ballpark as your LE.

Re: Loan Estimate Closing Costs vs Final Disclosure Closing Costs

JVille — Wed, 03 Nov 2021 04:49:37 GMT

Always best to figure Worst Case and then have a happy surprise. Be at peace with it you can't control this.

Re: Loan Estimate Closing Costs vs Final Disclosure Closing Costs

Sydspapa — Wed, 03 Nov 2021 15:34:35 GMT

Our LE to CD saw our closing costs go down a bit but our cash to close rise by $206.

Re: Loan Estimate Closing Costs vs Final Disclosure Closing Costs

Anonymous — Wed, 03 Nov 2021 18:44:10 GMT

I think they always go "worst case scenario" on those estimated closing costs. Mine was at 27,3 cash to close and the day before closing, was told it would be 19,9. There was a check waiting for me at closing.

Re: Loan Estimate Closing Costs vs Final Disclosure Closing Costs

Anonymous — Thu, 04 Nov 2021 01:56:04 GMT

@NC_Mtg_Loaner wrote:
Do you know the costs of all your inspections?

What about the cost of closing from your settlement agent?

Unless you overspent on items you were shopping for, your figures should be in the same ballpark as your LE.

I think you're right. We know all of our "controllable" costs. My calculations should be in the same ballpark as the LE.

Re: Loan Estimate Closing Costs vs Final Disclosure Closing Costs

Anonymous — Thu, 04 Nov 2021 01:58:24 GMT

@JVille wrote:
Always best to figure Worst Case and then have a happy surprise. Be at peace with it you can't control this.

Words of wisdom that definitely hold true.

Re: Loan Estimate Closing Costs vs Final Disclosure Closing Costs

Anonymous — Thu, 04 Nov 2021 02:00:40 GMT

@Sydspapa wrote:
Our LE to CD saw our closing costs go down a bit but our cash to close rise by $206.

Interesting. That's not too bad of an outcome.

Re: Loan Estimate Closing Costs vs Final Disclosure Closing Costs

Anonymous — Thu, 04 Nov 2021 02:03:06 GMT

@Anonymous wrote:
I think they always go "worst case scenario" on those estimated closing costs. Mine was at 27,3 cash to close and the day before closing, was told it would be 19,9. There was a check waiting for me at closing.

That's definitely the best case scenario. I am hoping we have the same outcome.

Re: Loan Estimate Closing Costs vs Final Disclosure Closing Costs

4sallypat — Thu, 04 Nov 2021 13:51:03 GMT

@Anonymous wrote:
@Anonymous wrote:
I think they always go "worst case scenario" on those estimated closing costs. Mine was at 27,3 cash to close and the day before closing, was told it would be 19,9. There was a check waiting for me at closing.
That's definitely the best case scenario. I am hoping we have the same outcome.

Ah same here - hoping my closing will be better than the estimate!

My mortgage broker estimated a sky high interest rate at the opening of escrow but hopes the rate will drop in the next 2 weeks.

Will create a new thread once escrow closes....