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#1
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pre closing fees???
My husband and I are in the process of buying a new house, and have
been approved for a loan with Countrywide. We're doing the 80-15-5 piggyback loan, with about $6k in closing costs. Yesterday we got a voicemail from our mortgage rep saying they needed a check for $2k for fees. The closing is supposed to happen in about a month, and I know the mortgage company is having some inspections scheduled, but I thought all these sorts of fees were lumped into the closing cost. I'll place a call into our morgtate rep on Monday, but was wondering if this is normal and if I can expect this to come out of our closing costs. If anybody with previous experience with this has any info to offer, we'd appreciate it! CG |
#2
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"Nada" wrote in message om... My husband and I are in the process of buying a new house, and have been approved for a loan with Countrywide. We're doing the 80-15-5 piggyback loan, with about $6k in closing costs. Yesterday we got a voicemail from our mortgage rep saying they needed a check for $2k for fees. The closing is supposed to happen in about a month, and I know the mortgage company is having some inspections scheduled, but I thought all these sorts of fees were lumped into the closing cost. I'll place a call into our morgtate rep on Monday, but was wondering if this is normal and if I can expect this to come out of our closing costs. If anybody with previous experience with this has any info to offer, we'd appreciate it! CG I'm no expert. I'm in the process of buying my second home now. The mortgage broker needing 2k right now sounds fishy, unless you are doing something unusual like paying a fee to lock in interest rates for many months. One thing I've learned is to remember that they, the lenders are selling you a product, not doing you a favor. It pays to shop around for real rates, closing costs, rees ect. Also, I found this site informative: http://www.mtgprofessor.com Good Luck.. |
#3
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I have bought a few houses and have never paid any fee up front. Only thing
paid at the beginning of a contract is an earnst money deposit. That is taken care of at the time of the offer and put into Escrow. Any fees, inspection, title, real estate fees etc. is part of closing. "John" wrote in message ... "Nada" wrote in message om... My husband and I are in the process of buying a new house, and have been approved for a loan with Countrywide. We're doing the 80-15-5 piggyback loan, with about $6k in closing costs. Yesterday we got a voicemail from our mortgage rep saying they needed a check for $2k for fees. The closing is supposed to happen in about a month, and I know the mortgage company is having some inspections scheduled, but I thought all these sorts of fees were lumped into the closing cost. I'll place a call into our morgtate rep on Monday, but was wondering if this is normal and if I can expect this to come out of our closing costs. If anybody with previous experience with this has any info to offer, we'd appreciate it! CG I'm no expert. I'm in the process of buying my second home now. The mortgage broker needing 2k right now sounds fishy, unless you are doing something unusual like paying a fee to lock in interest rates for many months. One thing I've learned is to remember that they, the lenders are selling you a product, not doing you a favor. It pays to shop around for real rates, closing costs, rees ect. Also, I found this site informative: http://www.mtgprofessor.com Good Luck.. |
#4
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Sounds fishy to me too. The most you should ever have to pay up front is an
application fee of a couple hundred dollars, which basically offers the borrower some protection if you decide to back out (e.g. if rates come down during your lock period). Giving them a lot of money up front just means you've given them all the cards... no easy way to back out if something goes wrong. "Nada" wrote in message om... My husband and I are in the process of buying a new house, and have been approved for a loan with Countrywide. We're doing the 80-15-5 piggyback loan, with about $6k in closing costs. Yesterday we got a voicemail from our mortgage rep saying they needed a check for $2k for fees. The closing is supposed to happen in about a month, and I know the mortgage company is having some inspections scheduled, but I thought all these sorts of fees were lumped into the closing cost. I'll place a call into our morgtate rep on Monday, but was wondering if this is normal and if I can expect this to come out of our closing costs. If anybody with previous experience with this has any info to offer, we'd appreciate it! CG |
#5
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On Sun, 10 Oct 2004 04:00:01 GMT, "99windstar"
wrote: I have bought a few houses and have never paid any fee up front. Only thing paid at the beginning of a contract is an earnst money deposit. That is taken care of at the time of the offer and put into Escrow. Any fees, inspection, title, real estate fees etc. is part of closing. Only fees I recall paying (we are with Countrywide) was an apparaisal fee ($250 or so), a credit check fee of $25 or some such and earnest money when we made the offer. I'd ask them to send you a written request explaining exactly what this money is for or to explain to you where this is spelled out in the documents you may have already signed, something smells odd but it might just be a misunderstanding and is something you agreed to even if you don't recall doing so. Jim P. |
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