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

"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..

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..

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

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.