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PLEASE HELP IF YOU ARE A HOME BUYER !!!!

Posted by on Jul. 16, 2013 at 10:44 PM
  • 10 Replies

Hello I am a first time home buyer and we are scheduled to close next Thursday. I had been approved for a loan threw my bank but because they don't do manufactured home loans they had to have a partner company do the underwritng. I had recieved paperwork from the bank with a good faith truth in lending statement for a set amount and was set to go.Underwriting took quite some time but finally was finished last week.I have paid all fees and then yesterday I got a packet of paperwork from the underwriters. They have estimated my payments at 200 dollars more than what my bank quoted !!! i am hoping someone can tell me why this happened and what this means.my lender says to wait until the appraisal goes threw but we should be able to pay the amount they quoted me not the amount stated on the truth in lending document from  the underwriter but also told me to sign the paperwork from them and send it to them. Anyone that as bought a house please tell me is this normal ?

by on Jul. 16, 2013 at 10:44 PM
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Replies (1-10):
Anonymous
by Anonymous 1 on Jul. 16, 2013 at 10:50 PM
Your interest rate? Taxes??? I would call and ask for specifics.
motherbee
by on Jul. 16, 2013 at 10:56 PM


the only difference in the paperwork was estimated taxes and insurance. My banks truth in lending states 324.23. The underwriter states 524.23. I called and asked why such a diffence and he said he wasn't sure but we would wait until after the appraisal and if things still looked wrong we would need to be concerned but assured me not to worry. I am worried because we are 9 days from closing and i have two sets of truth in lending and not sure what to go by.

Quoting Anonymous:

Your interest rate? Taxes??? I would call and ask for specifics.



Anonymous
by Anonymous 2 on Jul. 17, 2013 at 11:33 AM

It's probably a difference in what the underwriters estimated for taxes and insurance. I've had it happen before and we wound up paying the lesser amount estimated by the local lender (the underwriters are usually from a corporate office located halfway across the country). I'd take the lender's advice. In the end, if it comes back that the higher amount is the actual and you can't afford it, you can still back out of the deal.

HeartofGold
by Member on Jul. 17, 2013 at 11:45 AM

 They cannot charge you anymore than what is on the GFE. If the cost is more than what the GFE says then the bank will be required to absorb the cost.

Once your loan closes there will be auditors that will review your file and they usally catch the mistake. If they don't the investor who they sell your loan to will usually catch them and require the mistakes to be fixed (GFE's cannot be fixed).

Often times the borrower's end up getting refunds (and banks absorb the cost of the mistake) when errors are made due to rules and regulations by fannie mae and freddie mac who your loan will eventually be bought by.

If I was in your position I would be concerned and would ask lots of questions. Do not sign anything until you are completely comfortable with the answer.

EarlGrayHot
by on Jul. 17, 2013 at 1:44 PM

What type of loan are you getting?  Sometimes it's more depending on the loan or how much money you put down.  We've refinanced the family home several times and it always seems it ends up being more than quoted.  There is also money you need to put in an escrow account out of which you will pay, as part of the loan, your taxes.  Could that be the problem?  I'd suggest asking why the discrepency.

NDADanceMom
by on Jul. 17, 2013 at 3:53 PM
Your house payment would be $300 something a month? How much was the house?
motherbee
by on Jul. 17, 2013 at 9:08 PM

My house payment would be 885 a month according to the bank and 1,085 from the underwriter. The house was 125,000 FHA home loan.


Quoting NDADanceMom:

Your house payment would be $300 something a month? How much was the house?



motherbee
by on Jul. 17, 2013 at 9:11 PM


We are getting an FHA loan. We will put 3320 down and have 1,000 in escrow

Quoting EarlGrayHot:

What type of loan are you getting?  Sometimes it's more depending on the loan or how much money you put down.  We've refinanced the family home several times and it always seems it ends up being more than quoted.  There is also money you need to put in an escrow account out of which you will pay, as part of the loan, your taxes.  Could that be the problem?  I'd suggest asking why the discrepency.



Anonymous
by Anonymous 4 on Jul. 18, 2013 at 12:24 PM
FHA changes their loan regulations as of June 1st. This and if the taxes are homestead or not could make the difference between your two statements. However, if the mortgage company under estimated on insurance they would absorb the cost, but taxes they likely won't. That will depend on what was paid by the owner prior to your closing and if they are paid in advance or in arreage.

In the end the title company that reviews the file before closing will provide you the actual settlement statement that will tell you what you need to bring to closing. My underwriting was significantly off on my taxes proration, but the title company corrected it before I received the settlement statement used at closing.

I just purchased with FHA and closed on July 3rd. I had to bring 6.6k to closing and already had a good faith deposit of 1k.

It will really depend on what your escrow is expected to be.
GoddessStaggs
by on Jul. 18, 2013 at 1:17 PM

if you have a good realtor they should be able to explain it a little. or at least do down to your bank and talk to some one in person. sorry i cant help

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