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Old 12-05-2012, 04:20 PM   #1
htmom
I am also afraid of those stupid biscuit cans
 
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We found this house about two months ago. We already had preapproval. So why do the closing costs keep rising? We told them. We have x amt of dollars. Is this ok? They said yep. More than enough. Well we are supposed to close on Monday and magically our amt has grown over two thousand dollars. They said "you have the money". Yeah we do, in retirement! It's not that easy to just get in cash by Monday, we both work! I am sooo angry I am crying. If we have to forfeit our three thousand we already paid I will be so angry. We have rented so long to save for this. My husband is mad and yelling at the kids, the kids are upset because in an effort to last min save we told them family night will be at home tonight, I am crying because I am emotional and pregnant. The mortgage guy actually suggested I call family members for money. We have an emergency fund but it was already dangerously low due to some unforseen expenses. I am so upset. I am glad our kids Christmas is done. I just wish this was over.
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Old 12-05-2012, 04:31 PM   #2
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I apologize for sounding whiny. I know this is small beans to most.
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Old 12-05-2012, 04:42 PM   #3
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Quote:
Originally Posted by htmom
We found this house about two months ago. We already had preapproval. So why do the closing costs keep rising? We told them. We have x amt of dollars. Is this ok? They said yep. More than enough. Well we are supposed to close on Monday and magically our amt has grown over two thousand dollars. They said "you have the money". Yeah we do, in retirement! It's not that easy to just get in cash by Monday, we both work! I am sooo angry I am crying. If we have to forfeit our three thousand we already paid I will be so angry. We have rented so long to save for this. My husband is mad and yelling at the kids, the kids are upset because in an effort to last min save we told them family night will be at home tonight, I am crying because I am emotional and pregnant. The mortgage guy actually suggested I call family members for money. We have an emergency fund but it was already dangerously low due to some unforseen expenses. I am so upset. I am glad our kids Christmas is done. I just wish this was over.
Omg!!! I want to hug you and have a home buying pity party with you! Lol

Our file went into the underwriter two days ago. It took weeks to get the stuff together. The bank would say, "We just need this last thing...". They did that like seven times and lost some tax copies! It's crazy. Today was supposed to be the 48 hour deadline to approve it and schedule the closing but they got DH's birthday wrong in the computer so they magically get another 48 hours!

How ever you get them the money make sure you have a complete paper trail! That was one of issues we had.

Soon OP! You'll be in it soon!
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Old 12-05-2012, 04:44 PM   #4
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I WILL walk three miles in the snow, uphill, barefoot for a Pumpkin Spice Latte
I'll take the Palmettos
 
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I should add that we are staying with my TWO brother in laws... One has a pregnant TEENAGED girlfriend about to pop and two other kids that are there part time. Add my two kids and (they had 2 puppies) dog to everything else!!!

We need to get out of there! Lol
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Old 12-05-2012, 04:50 PM   #5
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Your mortgage lender should have given you a truth in lending statement when you were approved. Many of those costs on the statement are fixed (most of the fees); however, the amount of cash you have to have in hand for taxes varies every day. It is always better, financially, to settle on the last day of the month rather than the first day due to this. That's why you will see so many settlements occur on the last day of the month.

Now, that does actually mean that you pay more overall, it's just that, depending on what day of the month you settle makes a difference on how much "cash" you need to bring to the table. Sometimes you get that cash back if you settle early and overpay. It all works out in the end. I know I'm not explaining it well and it doesn't help your situation when you need to pull some cash together.

If the increase in costs is not due to taxes and plussing up the escrow, I'd be looking very carefully at why there is a difference.
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Old 12-05-2012, 05:06 PM   #6
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I would definitely look closely as to where the extra amount is coming from. We just closed on our new house last Friday. Everything was spelled out for us and we were given the amount to bring to closing with an itemization of the costs. The actual amount we ended up having to bring to closing was about $3,000 less than originally projected. An itemized list of all the actual costs was emailed to us about a week before close. Make sure you look at that thoroughly and make sure they are crediting you for any earnest money you put down.

Buying a house is very stressful but worth it when it's over. Good luck!
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Old 12-05-2012, 05:44 PM   #7
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Remember, mortgages are paid in arrears. So your first payment won't be until Feb 1. However, you will be paying December interest at closing. Usually lenders over estimate that amount, but that may be part of the problem. Also, if it's an FHA loan, you may have to pay the full month of interest. At least it used to be that way when you sold a house. Other than that, I'd look at the truth in lending statement to see where the variance is.
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Old 12-05-2012, 06:31 PM   #8
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I closed on my townhouse on 7/31. Those last few days were stressful, waiting to get the final figures and get everything settled. In the end, I ended up owing less than expected. My insurance was overestimated and there was an issue on how they figured the taxes.

It's been a crazy 6 months, I'm finally almost done cleaning out my family home of 45 years and getting it on the market. I still have a bunch of boxes here to put away. But it's all worth it in the end.
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Old 12-05-2012, 07:50 PM   #9
htmom
I am also afraid of those stupid biscuit cans
 
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Thank you so much everyone. It helps to know we aren't the only people in the world with feeling this way. I just am so ready to be done. Lol.
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