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So I'm getting quotes and I'm just trying to understand them. Below is my quote from USAA. It says I need about 7K in cash at closing but it also says I there is 15K in settlement costs. Do I actually need 22K at closing or do I pay the 15K at diffrent time?
So I'm getting quotes and I'm just trying to understand them. Below is my quote from USAA. It says I need about 7K in cash at closing but it also says I there is 15K in settlement costs. Do I actually need 22K at closing or do I pay the 15K at diffrent time?
Mark your name out and post the Itemization of Fees worksheet.
Funding fee is rolled in. Seller pays Title policy. There are also non-allowable fees that either the seller is paying or lender is waiving in lieu of that origination fee.
See if you can take a higher rate for a credit towards closing costs. It's rarely brought up but it's perfect for someone who can afford a slightly higher payment and needs a little help at the closing table or just doesn't want to drain their account at closing. Especially advisable if you plan to refi in the next couple years and you live in an area that's appreciating nicely.
So I'm getting quotes and I'm just trying to understand them. Below is my quote from USAA. It says I need about 7K in cash at closing but it also says I there is 15K in settlement costs. Do I actually need 22K at closing or do I pay the 15K at diffrent time?
Chances are the higher amount includes the funding fee, which is added to the loan amount.
Out of curiosity, how long is USAA telling it will take for loan approval? I just spoke to a customer that was told the soonest they could close his purchase was at least 60 days, 90 was safer. He just lost out in a bid for a home with an extended closing date.
USAA is already pulling the bait and switch with me. I graduate from law school in a couple of days and I start my new job beginning of June. I want to purchase a house with an offer letter. Citi and Chase work with my company all the time and they certainly take an offer from my company (Fortune 5) , and many employees have went through them. USAA had a lower rate so I asked them if they took an offer letter without paystubs. They told me multiple times they did. Now I get the qualification letter and the checklist says before closing I need the offer letter and a paystub. **bleep**??????? I won't have a pay stub probably until late June/Early July. I'm not even sure if I should make any offers with this letter knowing that I won't get approved until early or mid July (at the earliest). I was expecting to be closing at that time. I just feel like USAA lied to me multiple times.
USAA is already pulling the bait and switch with me. I graduate from law school in a couple of days and I start my new job beginning of June. I want to purchase a house with an offer letter. Citi and Chase work with my company all the time and they certainly take an offer from my company (Fortune 5) , and many employees have went through them. USAA had a lower rate so I asked them if they took an offer letter without paystubs. They told me multiple times they did. Now I get the qualification letter and the checklist says before closing I need the offer letter and a paystub. **bleep**??????? I won't have a pay stub probably until late June/Early July. I'm not even sure if I should make any offers with this letter knowing that I won't get approved until early or mid July (at the earliest). I was expecting to be closing at that time. I just feel like USAA lied to me multiple times.
You are wrong.
I've worked in Corporate Relocation for fifteen years. No company - NONE - will close a loan with merely an offer letter. PERIOD. They can offer Pre-approvals based upon having a paystub, or even sometimes a tight Verification of Employment confirming the job has started, but that hardly ever happens. Ever.
The timeline is confusing. They "told you" multiple times, but then issued a pre-qual with a paystub as a condition? That's about as preliminary as **** gets.
Most want the first full 30 days of paystubs. Some situations allow for just the first paystub. Even back in the day, 2002- 2005, relocation loans were hardly ever closed in the absence of at least one paystub.
Most importantly: Stop slagging USAA. They are one of the most honest, best companies out there.
It's a corporate relocation, milk Corporate Housing until you get the paystub. Stop reacting like this is your first rodeo.
Seriously. USAA is the one company I will defend, sight-unseen.
I've worked in Corporate Relocation for fifteen years. No company - NONE - will close a loan with merely an offer letter. PERIOD. They can offer Pre-approvals based upon having a paystub, or even sometimes a tight Verification of Employment confirming the job has started, but that hardly ever happens. Ever.
The timeline is confusing. They "told you" multiple times, but then issued a pre-qual with a paystub as a condition? That's about as preliminary as **** gets.
Most want the first full 30 days of paystubs. Some situations allow for just the first paystub. Even back in the day, 2002- 2005, relocation loans were hardly ever closed in the absence of at least one paystub.
Most importantly: Stop slagging USAA. They are one of the most honest, best companies out there.
It's a corporate relocation, milk Corporate Housing until you get the paystub. Stop reacting like this is your first rodeo.
Seriously. USAA is the one company I will defend, sight-unseen.
You have no idea what you're talking about. Citi for one, allows certain types of employees at my company to close without a pay stub. Maybe you did relocation for a smaller company or something. We have a dedicated Citi liaison specifically for our relocation needs. My boss, who is the one who told me about the offer letter closing, closed on his house the day he arrived in Houston. I just don't like the rates. Also I have been with USAA for years and I don't think they are as amazing as you say they are. I've moved most of my banking over to Chase and my insurance to Geico. No matter what you say they lied to me. I asked them a specific question and they gave me an answer that wasn't true.
I've worked in Corporate Relocation for fifteen years. No company - NONE - will close a loan with merely an offer letter. PERIOD. They can offer Pre-approvals based upon having a paystub, or even sometimes a tight Verification of Employment confirming the job has started, but that hardly ever happens. Ever.
The timeline is confusing. They "told you" multiple times, but then issued a pre-qual with a paystub as a condition? That's about as preliminary as **** gets.
Most want the first full 30 days of paystubs. Some situations allow for just the first paystub. Even back in the day, 2002- 2005, relocation loans were hardly ever closed in the absence of at least one paystub.
Most importantly: Stop slagging USAA. They are one of the most honest, best companies out there.
It's a corporate relocation, milk Corporate Housing until you get the paystub. Stop reacting like this is your first rodeo.
Seriously. USAA is the one company I will defend, sight-unseen.
I agree with this post, with the exception of defending USAA. They move slow, and are only as good as the last employee you talked to. Forget about getting someone over the weekend that can provide a definitive decision. I rank them with other big boxes.
VA specifically has guidelines about new jobs commencing before the first payment. Fannie also has criteria for a new employee, and, as a bank we have a portfolio product that will take projected income with a non revocable contract for advanced degree professionals (Doctors, lawyers, engineers, pharmacists, geologists) with a start date beyond closing.
Be very careful posting emphatically - almost nothing is carved in stone.
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