We closed on our house 11/10/06 (30 yr fixed rate of 5.34%) and received our transfer of loan statement from the new mortgage company today. Our payment is $50 MORE than what we signed at closing. How in the world can this be?
2006-12-08 13:03:53 · 6 answers · asked by ohiotara77 2 in Business & Finance ➔ Other - Business & Finance
(I can't figure out how to reply ha!) It IS a 30 yr fixed rate and the builder paid all closing cost. Our homeowners and taxes are included in the payment. Homeowners actually went down because we added our cars to the policy. School levy passed this past election - would it show up that quick?
2006-12-08 13:20:17 · update #1
Do you have a copy of the Deed of Trust yet? If you do it's likely an unrecorded copy since most countys take a while to record and return docs. The amount borrowed, interest rate and payment amount should be clearly stated in it, usually between the top and middle of the 2nd page (Not counting any recorders cover sheet.) As someone else stated it could be the $50 is an addition to the escrow, or perhaps title insurance premium and the remaining payments will be what was stated at closing. Either way it's in your best interest to call your bank and find out for certain what is happening.
2006-12-08 13:13:30 · answer #1 · answered by b_plenge 6 · 0⤊ 0⤋
check with your closing attorney. What? you used the closing attorney the bank or mortgage company or even the real estate broker chose? If so then even though you paid for it you were not covered.
Also, did anyone tell you that if you closed a few days before the mortgage would begin that you would have to pick up the additional interest, etc. Also, interest is a month in arrears.
Next time, get your own closing attorney and make damned sure he and you understand that he is representing you or you will be screwed, blued, and tatooed for the next 30 to 40 years or until you sell the property. Even then, you won't pay off just the balance but will have an additional month of interest to pay.
2006-12-08 13:09:33 · answer #2 · answered by Donald W 4 · 0⤊ 0⤋
It could be that your taxes increased and more will need to be held in escrow to pay them. Is the rate on your loan documentation 5.34%? Is the loan amount what you expected, or have some closing costs been rolled in, increasing the size of the loan?
2006-12-08 13:07:53 · answer #3 · answered by VATreasures 6 · 0⤊ 0⤋
I had that problem the first house i bought its a type of deal that mortgage companies like to hide its not a fixed rate and you should talk to your realtor because if you do it before your first payment is made they can switch it to a fixed rate otherwise you will have to refianace to get it at a fixed rate
2006-12-08 13:08:11 · answer #4 · answered by costa_ricas_finest 2 · 0⤊ 0⤋
I would be calling the bank as soon as possible and find out why. If it was a fixed loan then the payment shouldn't change. Unless you have your realestate taxes and home insurence escrowed in the payment and one of them went up. I would be calling and finding out.
2006-12-08 13:07:58 · answer #5 · answered by btyboo 3 · 0⤊ 0⤋
payment will be higher for the first few months,then it will go down about 30-35$ cheaper than u signed in on.did you get your homeowners ins. put in on your payment??
2006-12-08 13:09:14 · answer #6 · answered by J.B.1972 6 · 0⤊ 1⤋