closing on my house tommrow refinancing?

Question

what should be on the final papers that i sign so i know i dont have any suprises or exra cost that im not suppose to pay my house appraised 110,000 i owed 77,000 on it im cashing out payin off some debt 95% loan

Answer 1

The main document you wish to look at is known as the 'HUD Statement'. This is a federal document that is required to be signed at ALL mortgage closings. Its purpose is to outline all of the costs associated with a lona such as title documents, processing fees, broker fees, realtor fees (where applicable), and appraiser fees (where applicable) in addition to other charges associated with the loan. The HUD is a line item description of these charges.

It is quite long but take ALL the time you need to go over it and make sure that the charges are correct. If it is a refinance you do have a 3 day right of recision so even if everything looks okay take it home and study it. Also, the three 3 day recision applies only to work days but Saturday is included as well. Probably why they scheduled you to close on Thursday. That way, if you decide to rescind on Saturday it will be too late as title company's are generally closed on this day.

The main charge that you might overlook is the broker's commission. Many title companies include this on the HUD (they are required to) but hide it to the left of the main column of numbers where it is hard to pick out at first glance. I believe it will say something like 'commission paid to broker etc.'

Remember, take all the time you need. Many times the person with the title company will rush you through it but yo uhave the right to peruse the documents as much as you want.

Good luck!

Answer 2

Lots of information so far has been given to you and most of it is pretty good. I would look at just a couple things to ease your mind.

The Settlement statement commonly referred to as the HUD. This document generally outlines where all the money from the transaction goes. It should have your loan amount-$104,500 is 95% of your value, the payoff to your existing home- this is generally a bit higher than you expect as it will include interest and a few closing charges from your existing mortgage, the fees from the bank and/or broker who did the loan- just make sure they match to the GFE you signed originally, the other settlement costs which include the title company fees, doc stamps, title insurance, etc, and the payoffs to the other debts you are paying- make sure the accounts you wanted to be paid are being paid.

The note or mortgage should give you the rate and terms for your new loan. Just check you are getting the rate you were promised at the terms you accepted.

Keep in mind about the 3 day right of recission that will extend through Monday at Midnight. If you find anything you do not like after you have signed everything you can cancel the loan by calling the title company, the bank or the mortagge company that did your laon or by faxing in the cancellation form to any of those places. I often talk to people who feel they got screwed on their mortgage when they got to the closing table, but take it anyways and accept that screwing. If there is something wrong, don't accept it and either demand your loan officer make things right with you or find yourself another loan officer.

There will be many other pages of the closing documents but these are the main ones you need to look over.

Answer 3

The 2 most important items are your "promissory note" and the "good faith estimate" or at closing your closing statement. You should be concerned with the fees you were quoted by your mortgage broker as well as the type of loan you are going to get.

If you are in an escrow state request the escrow to fax you the estimated good faith estimate (which will show all your fees) as well as the new promissory note which will show you the terms of the loan. You might be getting taken to the cleaners by loan fees, not receiving the loan type (fixed or variable) that you originally requested, or having what is termed as a pre pay penalty which could be very expensive to get out of. There are times also that the mortgage broker did not lock your rate in until the last moment - make sure your loan is locked at the rate and points you were quoted. Otherwise you are paying too much for the loan and not receiving the type of loan you were promised which normally is for the next 30 years.

Answer 4

I wish this question were explained better, 1st of all u have the right to know if there r any cost out of pocket at time of closing, so get on the phone asap and ask.Sounds like u r refinancing to pay debts, if I am reading this correct, meaning u r taking your escrow? or is this loan against the house meaning u r using the home and its appraised value as collateral so to speak, if that is the case do u have a lien against your home after u get this loan r u sure the interest rate on this loan even though u r going to pay off debts is a good deal. You have today to make sure, get on the phone ask ask & ask questions. Remember if your home is used as collateral and something should happen they can and will take your home, other creditors can be dealt with even if u pay slow, if u r doing what this sounds like really make sure of all aspects, pmts. per month, interest rates, any fees that apply, besides asking questions, take time to do the math, could your money be better used such as cds etc with high yield interest, or should u even do this at all. Hope I could help, happy holidays!

Answer 5

Your closing statement will give you a break down on all fees being paid. Make sure you check your note and see that it contains the interest rate you are supposed to have. If you have a fixed rate loan, make sure you are tied in for the amount of years you wanted. Make sure there is no pre-payment penalty involved. Everything should be set out in the papers. If you don't understand something ask. If you are closing somewhere other than your lender and ask a question and don't get a satisfactory answer, ask to call the lender. Good luck

Answer 6

Assuming you've achieved 100% financing in this sources it will be good so that you'll keep the present loans. lenders will cost more effective charges for 100% or (80/20) financing recommendations. also you would in problem-free words be allowed to apply the acquisition cost because the fee so in case you probably did 100% financing you would ought to pay the final prices out of pocket because you does no longer be able to comprehend any appreciation on the sources. Which for the mixed loan quantities you've will be an excellent deal of money. even with the undeniable fact that it doesn't harm to inquire about a refinance. locate out what the hot charges and funds will be and seem at them on your cutting-edge challenge. in case you are able to recoup the out of pocket final prices with the month-to-month reductions interior of two-3 years then it truly is worth it. outdoors of you need to ask your self how lengthy think about both the abode or the present loans because in case you recommend on promoting of refinancing interior the subsequent 3-4 years then stay with the present challenge you'd be spending further money that you does no longer favor to.

Answer 7

Check for a prepayment penalty. These are slipped in many times. Also check the rate and terms to make sure they match. If they don't...call them on it.

Here is some additional info. Hope this helps.