we are closing on the 27th and we still dont know if we have to put any thing down we had are closing cost put in to the loan and we already put down 1,000 do you think that we have to put any more down then what we did.we are buying our first home in texas .
2006-09-22 06:04:34 · 12 answers · asked by SAD 1 in Business & Finance ➔ Renting & Real Estate
geting 100% fiancing and the seller is paying the closing cost
2006-09-22 08:24:48 · update #1
As soon as your HUD-1 is prepared, you will know how much more money (if any) you need to close.
Speak to the person who is preparing your HUD to find out when it will be ready.
2006-09-22 06:08:01 · answer #1 · answered by BoomChikkaBoom 6 · 1⤊ 0⤋
Well, on a refinance you can add the closing cost into the loan, however I don't think you can do that on a purchase. Even if you do 100% financing, you still have to come up with the closing costs. I'm not sure what your purchase price is or how much your closing costs is, but mostly like you will still need to bring money in to close that loan. Most lender would only lend up to 100% of the purchase price. Closings costs are additional fees above you purchase price..thus you will need to bring that money in to close the deal. I'm surprised your mortgage broker/lender did not go into details about all this with you. Good luck!
2006-09-22 13:16:11 · answer #2 · answered by May S 1 · 0⤊ 1⤋
Your lender should be able to give you an estimate of what you will need to close - just remember it will only be an estimate. I work for a title company and do closings everyday. We get loan figures from the bank and then have to combine them with additional closing fees (title insurance, recording fees, tax pro-rations etc...) on what's called the Hud-1 settlement statement. The settlement statement can't be finished until the bank gives final figures, and in most cases I deal with that is usually the day before or the day of closing. As soon as the final figures are available the closer will get them to your lender who will then contact you. You may still have to come up with some money, but your lender should be able to clue you in. Good luck with your new home!
2006-09-22 13:30:05 · answer #3 · answered by Kathleen M 4 · 1⤊ 1⤋
What does your purchase contract call for? Is the seller paying your closing cost? What type of loan are you getting? What is on your good faith estimate? You need to contact your real estate agent and your lender. They will be able to give you an estimate on the funds needed to close (and explain them to you). The lender and agent should be able to estimate within a couple hundred dollars of how much money you will need. Get in touch with your agent and lender ASAP, you don't want to be surprised at closing.
Good Luck and congratulations.
2006-09-22 15:08:09 · answer #4 · answered by LasVegasMomma 4 · 0⤊ 0⤋
If you are getting 100% financing, and the seller is paying the closing cost, you should receive a check at closing for the earnest money you put down. Therefore you will not bring money to closing, you will leave with the refund of your down payment and keys to your home.
Shame on the agent and lender for not clearing this up for you. That is THEIR job. If you did not ask then this question SHAME ON YOU, that was your responsibility to ask them, they can not read minds.
Having said that... Congratulations on your home purchase!
2006-09-23 18:52:51 · answer #5 · answered by tnbroker1 3 · 1⤊ 1⤋
I have to agree with "I Love Key Lime Pie" up there. In most cases your loan officer will not know the exact amount, because their closing department, attorney's, and title companies really do the true math. Your loan officer is the sales person in most cases. Contact the person preparing the Settlement Statement/HUD 1. They are the person with the answers.
2006-09-27 19:25:40 · answer #6 · answered by naughty_mattress_monkey 4 · 0⤊ 0⤋
The item at closing that can cause you bring a bit of money in is the pre-paids items (property taxes, insurance, perdium interest) and you won't have these numbers intil the title compnay completes the final HUD, which is usualy 1-2 days prior to close.
Always have double the amount of money you THINK you'll need in a bank account, just to be on the safe side.
2006-09-22 14:13:11 · answer #7 · answered by KL 5 · 1⤊ 1⤋
If you rolled your closing costs into the loan it doesn't sound like you will have to put any more money down, but you should check with your loan agent to be sure.
Good luck and congrats on your first home. :o)
2006-09-22 13:07:12 · answer #8 · answered by Mommyof4 4 · 0⤊ 1⤋
Ask your title company for the latest HUD or settlement statement before the closing. They usually give that statement one or 2 days before closing. Check with your title company or your realtor.
2006-09-29 11:31:49 · answer #9 · answered by Reg 1 · 0⤊ 0⤋
Just bought our first home in TX in Feb. You need to talk to your lender, very often people come to closing and are asked to put more down or more closing fees than they expected. Our's was 800.00 more, after the 5% down. Call them, they will know!
2006-09-22 13:07:51 · answer #10 · answered by KIMBO 4 · 0⤊ 1⤋