Refinance closing cost (mortgage, refinancing, credit)

[nitynity]

Finally closed on my refinancing. Only issue being the lender keeps changing the numbers(closing cost) after sending me the final loan estimate.



I received a copy last Wednesday to review and schedule closing date and the Closing Cost(CC) was $3013. Then once the notary showed up for closing on Saturday, her docs showed CC as $3433. I wasn't notified of the change neither received any official docs.



This morning I talked to the loan processing agent and received an updated copy for my records and it shows CC as $3533.


Is this practice even legal to change numbers without notifying the borrower especially after closing?


I just want this hassle over and don't want to waste anymore time on it now. Should I just ignore and move forward with the closing? Clearly its $520 over my original numbers.

[Rakin]

They should have given you an Sheet with your Fixed and non fixed Closing Costs when you applied for the loan. Compare what they gave you with what you are being charged. The fixed costs should not change.

[nitynity]

The difference is mostly in the title company costs. Talked to them and it turned out the lenders closing agent messed up the numbers. Now they are trying to fix it before Wednesday if not I will cancel the application. What a pain.

[jiping]

$3000 is a little bit high. I just completed my zero fee zero point refinance (2.6% 30 year) and the total cost is below $2000.

[aggie972]

Originally Posted by jiping

$3000 is a little bit high. I just completed my zero fee zero point refinance (2.6% 30 year) and the total cost is below $2000.

Who did you use? Please post or PM me, thanks!

[jiping]

Originally Posted by aggie972

Who did you use? Please post or PM me, thanks!

Put some basic info into Zillow mortgage rate search, and it will list a bunch of online loaners. I pick the one with the lowest rate. It takes five weeks to close and they do honor the advertised rate.

[Aggielina]

Sigh. Something similar happened to me. I didn't think it was worth fussing over, but my lender definitely did not send me the disclosures right before closing like they had earlier told me they would and that they were required to do so.

https://www.city-data.com/forum/pers...s-missing.html

[nitynity]

Rate is ok, 2.375% for 15 year loan.



Turned out the lenders closing agent messed up the numbers. Instead of using my title companies quote, she went with lender title company's numbers ($1000 more) when creating the final estimate. Now they admitted their mistake and working on a fix, instead of making it up for their screw up, they are making it harder for me saying they don't want to pay for another mobile notary to come over to my place though they screwed up the entire process to begin with.



My title agent told me the lender has pretty much violated so many mortgage related laws in Texas by making this mess.



In addition they keep changing the lender credits they offered initially. Every new document I receive, the credit decreases. Somehow makes me feel that the more I push to bring down the cost, the more they try to keep it up.

[nitynity]

Now the lender is asking for property tax to be paid at closing since it's due in December. They have my escrow already in my current account which will be refunded after closing (7k+) and need me to bring another 5k+ on closing. Is this required by law or vendor specific?

[Aggielina]

At our refinancing we had to pay escrow upfront or roll it into the cost of our loan. Then our prior mortgage company refunding the escrow they had accrued for us. It took about a little over a month to get the refund.