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Ask your loan officer if those closing costs include prepaid items, mainly your new escrow set up. If it does, then yes that's pretty good. If it does not, then the fees seem pretty high to me. BTW, you can roll your closing costs into your new loan so you don't have any out of pocket expenses.
Ask your loan officer if those closing costs include prepaid items, mainly your new escrow set up. If it does, then yes that's pretty good. If it does not, then the fees seem pretty high to me. BTW, you can roll your closing costs into your new loan so you don't have any out of pocket expenses.
Here is the breakdown:
Items you owe at closing:
Pay off mortgage: 194,108
Loan cost (D): 6,466.90
Tax: $25
Prepaid and escrows (F+G): 3,758
Total: 204,358.55
Items you get at closing:
Loan amount: 195,078
Lender credit: 2,000
Fees req: 600
Aggregate Adjustment: 478
Paid outside closing: 1830
Estimated closing cost: 4,372
That seems pretty good to me and was slightly better than what I got in total closing costs and rate (I got a 2.5% 30-year fixed). So yes, I think that's a pretty solid deal and the fact that your rate is going down almost 2 full points is pretty significant. I'd be happy if I were you.
I'm paying about $2,000 more in closing costs, but my loan is for $260,000 (house worth about $450-460k) with $18k going to pay off a home equity loan and $15k in cash out to me. All in all, I'm satisfied and I checked with 3 different places. Sometimes you have to get what you think is a fair deal and run with it.
UPDATE: So, I finally got my Closing Disclosure from rocket mortgage and it's not the same as my loan estimate. On my loan estimate there was a $2k lender credit but on my disclosure it said $0 under lender credits. Are they trying to pull a fast one on me? Help!
Va just requires an external appraisal. My loan officer just called and said since this is only the initial closing disclosure, the numbers will change until I get the final disclosure which would reflect the lender credits.
The lender credit should. Absolutely be shown in the initial closing disclosure
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