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Hi, I've been told by the closing attorny's office to bring an extra 2-4k to the closing in case there are costs higher than what's on the GFE. I'm locked, points are disclosed, loan funded etc. What could this be about, anyone know? Can I walk away, since I never knew about 2-4k extra expense so never agreed to them?
Can't reach anyone since it's holiday weekend....and everyone left early. Set to close Tuesday and this doesn't seem right.
Hi, I've been told by the closing attorny's office to bring an extra 2-4k to the closing in case there are costs higher than what's on the GFE. I'm locked, points are disclosed, loan funded etc. What could this be about, anyone know? Can I walk away, since I never knew about 2-4k extra expense so never agreed to them?
Can't reach anyone since it's holiday weekend....and everyone left early. Set to close Tuesday and this doesn't seem right.
It could be prepayment for 6 months insurance and/or 3 months real estate taxes. Mortgage payment from now till end of month as the GFE might show only one months mortgage payment which has to prepaid.
Since I don't know what is on the GFE I could only hazard a guess. Make sure you are not paying extra loan fees or other charges related to the loan. But you will have to pay what is on your side of the account and are your charges like the above. And I forgot to mention attorney's fees.
Usually the attorney's office will send to the Realtor a settlement statement before closing. Did you get yours?
If not, and if you can't get it before closing, I'd suggest you bring your original Good Faith Estimate that the lender gave you upon applying for your loan.
When you get to closing, compare the fees the lender estimated to make sure they aren't charging you for something not disclosed on the GFE.
Typically, lenders will estimated all your escrows and shouldn't be off by thousands, unless something that you are aware of has changed.
If you don't have a Realtor, call the attorney's office as soon as you can on Tuesday morning and explain that you are concerned about the extra money that you are expected to bring to closing and have them explain why.
No estimates should be thousands of dollars over the GFE.
I agree with Vicki. Thousands of dollars off is pretty off. My last closing there was a difference of $150 dollars because the attorney forgot to include a fee on the HUD. I would definitely question it.
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