Cash to close question

[Anonymous]

I got my loan estimate, but I need help understanding what I need to bring to closing.
Total closing costs: 11,097
Closing costs financed: 0
Down payment/funds from borrower: 6540
Deposit: 0
Funds from borrower: 0
Seller credits: -4360
Adjustments: 0
Estimated cash to close: 13277

I’m guessing the down payment/funds from borrower is the down payment assistance Im getting, but it isn’t deducted from the closing costs? I just want to know how much I need to expect to bring to close. The 13k freaked me out! Any help would be appreciated! I was also told that these closing costs are on the high side because they prefer to overestimate than underestimate.

[SomewhereIn505]

I should be receiving our LE in the next day or two. My LO said it would be estimated on the high side without earnest money applied.

Maybe that $13K doesn't have your earnest money applied? It doesn't look like it from the data there.

[homeloanexpert]

This is why I request actual fees from title and the settlement agent (attorney or escrow) before sending out my intial LE. This takes all the guess work out of the equation. You see, the lender's fee should not change along the way, that is if you went with a reputable lender.

There is always the possiblity for the old, "Bump and Run". Hopefully that will not be the case with you. Your down payment is simple. Your closing costs, prepaids and reserves is where you can feel the pinch.

These are easily explained. If your LO doens't explain it so it understandable, I strongly encourage you to seek a second loan quote. Please feel free to PM me if you have any questions.

I am licensed in 25 states.

[Anonymous]

If I’m already under contract and have started submitting all of my paperwork to the bank, can I still go and get a second preapproval and compare? I have a closing date of June 1.