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Why is it so hard for my lender to call me back with an exact amount closing costs will be if we aleady know taxes, one point, bank fees, lawyer fee, home owners insurance, possible closing date.
There should only be a few more fees they have to calculate in right?
Last estimate she gave me was before we knew all this will possible high and low.
I am just getting aggravated waiting to counter offer based on this!
I tend to tell my clients to figure closing costs to be about 2% or 3% of the closing costs. Here is an example of what a HUD Closing Form looks like so you get an idea of what they use to figure out your closing costs:
There is no reason that you should not get a call back. An exact figure is difficult to quote until the settlement statement is completed. Your LO should be able to go through your GFE with you and explain every fee in detail- actually should have already when you signed your application. You should know which fees are flat fees and which are variable(these are the ones which are not known until just before closing) odd days interest- recording- etc., a range for the variable fees, and what influences these fees. You should be able to get a range between X-Y of what your total fees will be.
You should be able to get the GFE and see those costs. The big ones like taxes and insurance you could even figure that out yourself. I consider property tax and insurance for a home before even making an offer.
i know but the first general estimate was on a higher sale price and it was ridiculous like 5k to 9k wide range so with the dates given etc she should be able to narrow it down right?
Lender fees and title company fees aren't going to change just because of the sales price. They're still going to charge you underwriting fees, processing fees, ect... the only things that change are the amount of interest collected and that will still be an estimate because you can't lock your rate without an executed contract...
Basically, if you already know all the lender fees and such, your change of actual closing costs aren't going to go down too much by lowering your price range a little... now, if you changed your price range a lot, then yes, your numbers will change more. Either way, your lender should give you an updated GFE with no issues, but why wait to counter?
well we did counter after my lender emailed me back (geez!)
but reason was we didnt wanna go over a certain price and seller couldnt go lower than a certain price lol so it was just tricky. but all is well now i think our counter will be accepted based on the seller giving there lowest.
Being unable to give closing costs is a mystery to me. I just refinanced, and kept asking everybody what my closing costs would be. Everybody kept telling me not to worry, would not be too much, they would get me the numbers in a day or two.
I did not get the numbers until the very morning I had to sign the papers, and then had to scramble around to free up several thousand extra dollars.
Why lawyers and mortgage companies/brokers cannot get the information to people in a timely manner is simply a mystery.
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