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Has anyone had this experience? We are suppose to get a mortgage for $336k but I just got a call from my lawyer to go over closing costs and he told me that the bank is funding $330k. Has anyone had this experience? And what is the purpose of this? It basically means I have to cut the seller a check for the rest of the down payment and adjustments, plus the $6k the bank is no longer mortgaging. My GFE from earlier this month says my mortgage amount is for $336k.
Lots of possibilities here. What state is the property located in? Does your attorney know what he/she is doing? Have you asked your Loan Officer? Is your attorney reviewing a FINAL Settlement Statement, or preliminary disclosures?
Are you sure your loan amount was arbitrarily cut? Are you certain you aren't confusing amount financed with the loan amount? On the TIL, there is an "Amount Financed" which borrowers confuse with the lender changing their loan amount. If the bank has 6K coming to them in fees and escrows, they aren't going to float a check for 336K, but will back off the 6K and cut a net check.
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