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Hello Everyone,
You all have been wonderful in responding to my previous posts, so I'm going to throw another one out there. I recieved my "Initial Fees Worksheet" yesterday. It states that the "Total Estimated Funds Needed to Close" is $7,124.90. I know it doesn't take into account the property tax credit from the seller. My question is, does this take into account our down payment or is this amount in addition to our down payment amount?
Thanks,
Nikki
It very well may list the breakdown somewhere near the bottom, but "total estimated funds needed to close" sounds like everything you'd need to bring in at the closing table including the down payment, and also factoring in any seller credits, etc. (but obviously not the tax credit which you noticed).
Thanks Shane! I agree, I believe it does include the down payment, it just didn't come right out and state it. Being as Excel friendly as I am, I decided to run the numbers through Excel. I took the sale price and added all closing costs to get me a total of all costs. I then subtracted my loan amount (which is the sale price minus my down payment plus upfront mortgage insurance). I then subtracted all credits (seller paid CC, earnest $, prepaid fees, and seller title credit) which gave me the aforementioned total needed to close.
I guess even though the worksheet doesn't have a line titled "Down Payment Amount", it is counted in the actual loan amount. Just took me a minute to see it.
Thanks again!
Welcome. Yup, the sales price minus the new loan amount = down payment amount.