We have been working with the identical LO all through our house shopping for course of and have been asking them persistently about what our closing prices are going to seem like for various houses. We’re pre-underwritten so I assumed these could be fairly correct. The closing prices estimates have persistently hovered round $20k for equally priced homes. We’re lastly underneath contract on a home and we simply bought the up to date numbers on our preliminary mortgage docs, closing prices are coming in manner greater at round $42k. Even when our LO was giving me “money to shut” numbers they’re nonetheless nearly $10k off from earlier estimates.
We’re utilizing a Homeadvantage Mortgage with DPA help that’s above the $548k threshold so we’re getting hit with an additional 1.5% payment on high. I do know our closing prices are going to be brutal….however what I do not need is to really feel like as a result of we’re this far within the course of with them that we’re caught with out leverage. Even when not, it appears like a bait and change which does not sit properly.
Mortgage Quantity: $641,725PMI: $11,230They’re presupposed to ship me up to date numbers yesterday/immediately however did not ship.I used to be fairly stern with our LO in regards to the discrepancies and he mentioned:
“Yeah that appears type of excessive to me too. Let me overview it with the group and get again to you since I feel a few of the figures are usually not correct. I feel they rushed to get it out earlier than the lengthy weekend so I apologize for that.”
I am sitting on the fence on pausing the appraisal with them proper now as a result of $1500 for an appraisal appears heinous too. We’re in Seattle if that is useful. Expertise with LO has been nice earlier than this. Recommendations on tips on how to proceed?
Full closing prices estimates: https://imgur.com/a/N92U7LF