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Old 06-29-2015, 10:46 PM
 
55 posts, read 81,913 times
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Just an update: I finally had a chance to talk to the mortgage person and she did send me the fees worksheet. And she explained what all the $16,000 fees included. So @Zippyman was right that the figure included the 5% downpayment.

Whew! What a relief. I thought that we had to cough up another $16,000 plus our downpayment. So with that said, we just have to bring another $3,000+ to closing.

So:

Closing costs = $5200
Reserves = $2600

Lender will pay $1650 title insurance, and another $1500. We also have $1,000 in earnest money.

Does that look more reasonable?
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Old 06-30-2015, 10:07 PM
 
Location: Phoenix AZ
5,920 posts, read 10,444,053 times
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Quote:
Originally Posted by MovingOut2012 View Post
Just an update: I finally had a chance to talk to the mortgage person and she did send me the fees worksheet. And she explained what all the $16,000 fees included. So @Zippyman was right that the figure included the 5% downpayment.

Whew! What a relief. I thought that we had to cough up another $16,000 plus our downpayment. So with that said, we just have to bring another $3,000+ to closing.

So:

Closing costs = $5200
Reserves = $2600

Lender will pay $1650 title insurance, and another $1500. We also have $1,000 in earnest money.

Does that look more reasonable?
looks pretty legit to me.

Fwiw, loan guys are paid based on deals they can close - so most would be glad to look over whatever numbers you have & tell you if they can beat what you have or not. If you've got a local bank or credit union that does your savings/checking/car note it's usually pretty easy to get them to look over your docs & say, "yeah, I can stomp this guy", or "nah - run with what you got"..

But to a non-banker-dude from 1000 miles away, your deal looks ok.
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