Discussion in 'Credit Talk' started by Momof3, May 17, 2001.

  1. Momof3

    Momof3 Well-Known Member

    Thanks for the tip about FHA refinancing. I have a few quick questions for you if you don't mind about the whole process. I have received all the estimates for my closing cost, we have ordered the FHA appraisial and I have decided what clsoing/title company I am going with, but costs are not ironed out yet. I have heard some horro stories about people needing last minute funds at closing. I talk to my lender everyday and question the estimated cost and what it acutally will be etc.

    So curious how close were your estimates and when were you given and EXACT amount needed for closing and how close was that figure to what you were quoted earlier?? And when did you know prior to closing the exact amount that was needed??

  2. Shantel

    Shantel Well-Known Member

    Im not Newcomer, but I can tell you when I closed on my FHA mortgage, the actual amount was darn close to the estimates. Within $50. Also, I called and got a copy of the closing papers, etc before the closing and I saw all the numbers in black and white. I believe the closing was on a Wednesday and I got this on a Monday. But remember, the papers HAD to already be done for me to get them then.

    They will normally tell you that they will call you with the exact amount a day or two before closing.

  3. Momof3

    Momof3 Well-Known Member

    Thanks Shantel,

    I am just trying to keep on top of this, don't want any surprises:)

  4. Shantel

    Shantel Well-Known Member

    Please please please DO keep on top of it. I also saw where you were going to hire a FHA appraiser...FHA is going to do this anyway. Hire an independent appraiser. Check them out with the BBB or better yet, try to get referrals from others who have bought a home.

    When they go, you go too! Walk around with them, ask what they are looking for, etc. Ask about the electrical, plumbing, roofing being up-to code and make sure they go UNDER the crawlspace (if you have one) or into the basement.

    Because of my awful experience with the housing industry PERIOD, I don't trust mortgage brokers, realtors or appraisers...not one bit. So I went and took a real estate class so I could know if I'm being screwed.

    And lastly...follow your gut! If something doesn't feel right...ASK QUESTIONS!!! I didn't follow my gut and now, I wish I had.
  5. Newcomer

    Newcomer Well-Known Member

    Hi Mom,

    The good faith estimate I received from the lender did not change before closing. In fact, I received a refund on the earnest money I put down on the contract. I know that does not happen every time, but don't worry about having to come up with some exhorbitant amount 2 days before you close. Once they set your closing date and time, the closing coordinator will call you with the exact amount if any that you will need to bring. I didn't know up until the day before I closed that I was getting money back, but I knew I didn't have to take any money there.

    I'm so excited for you. Keep us posted:)
  6. kim

    kim Well-Known Member

    Congratulations Mom ~

    Regarding closing costs and estimates. The good faith estimate should be pretty close. If you remember I closed on my home in February. In my case the lawyer ended up cutting me a check because I was told to bring more than I needed to the closing. My lender also told me that if I needed more than what I had that the lawyer would accept a personal check for the difference as long as it wasn't more than a couple hundred dollars. Everything will work out.
  7. Momof3

    Momof3 Well-Known Member

    Thanks all:)

    I just can't wait for this whole ordeal to be over. Home buying is such a stressful thing, but I am hanging in there.

  8. dlo64

    dlo64 Well-Known Member


    That is an excellent idea about hiring your own independent appraiser. Sure, it will cost you some extra cash to do, but I'll bet you won't get stuck with an overappraised house!

    Wish I would have known this when we purchased our townhome. It appraised slightly at above what we paid, but I truly think the appraiser did that to push the loan through. We ended up letting the house go into foreclosure as the taxes doubled in the span of a year and the house is no where near what we paid for it. In fact the bank is going to be lucky if they get the amount we owed on it (we put a 10% down on it). We, too had an FHA mortgage. The reason we put so much down is because we were $7,000 over the FHA limit for our area.

    I think also by your post about the house being up to code, etc., you would want to hire a home inspector. This way I would think you could feel reasonably secure about your investment.

  9. jshimmer

    jshimmer Well-Known Member

    Be ready for anything to happen -- (this wasn't an FHA, but still) -- when I went to refinance, I told the lender I wanted to roll EVERYTHING into the loan - sign and walk away at almost 2% less.

    On the day of, they said "we didn't know that you wanted to roll EVERYTHING into the loan!". What they forgot to do was include the $2200 for my impounds. Sure, I saved paying interest on the ?$2200 for the next x years, but I still had to run to the credit union and grab a cashier's check for $2200 at the last minute.

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