We received $4000 credit towards the closing costs from the builder of our house. We are closing tomorrow & I was wondering...at what point will I find out if the closing is going to go over the $4000 credit? Do they usually let you know this before arriving to the closing? Should the mortgage broker know this right now or is it a last minute calculation?
It is strictly last minute. Heck, when I closed I didn't even know how much I was suppose to bring. I got a cashier's check from my bank for the approximate closing costs. If you bring too much they will refund you the money and if you did not bring enough money they will usually accept a personal check. I would contact the broker tomorrow morning to let him/her give you an estimate of what you would owe : minus the downpayment, closing costs paid by seller, and any credit report or apprasial fees paid out of your pocket. Closing never seems to go smoothly, but it somehow gets done. If you're running around tomorrow like a chicken with your head cut off - everything is going the way it should. Good luck and let us know how it goes. Dani
It is inexcusable not to have the final figure now, one day before closing. But, that is the way it works. I think that part of it is a control issue. If you know too much, you will cause to many problems. By keeping you in the dark, they are able to control you and the closing. Do not be rushed at closing. Make sure that the seller did, in fact, pay the whole $4,000 promised. Once you sign the papers agreeing to the closing figures, it is too late. It is their fault they did not get the figures to you, not yours. So, take all the time you need. If your builder is Pulte, bring a cot and a tent to closing so you will have some place to sleep while you wait for the closing to take place.
We went FHA 4842 is supposed to be our total closing costs, thats the estimate they gave us, i would be scared if i was to closed tomorrow and didnt have a total closing costs. Maybe you should call the broker. We close on the 15th. I was on my FH to find out how much the true total is.
Your attorney should let you know how much you need to bring to the closing. It isn't uncommon for that to happen the day before, but if you don't hear from him/her, I would call and ask the paralegal working on the closing for that information. L
