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I was told I would get money back, now they say I owe 500 at closing?! What could have changed?

by heathermclarenlit728 from Benton, Illinois. 13 days ago Reply


Barclay Butler (Barclay)
#1 ranked lender in Illinois - 67 contributions

You should compare your Loan Estimate with Closing Disclosure you received. That should show the difference. If you would like to discuss please call, email or text me. Barclay Butler. Barclay Butler Financial Inc. 224-420-9990.

13 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

Timing is everything..Look at the LE (Loan Estimate). and compare it, line by line, with CD (Closing Disclosure).. There are certain items that have zero tolerance.. other times can vary as much as 10%.. and other items that have no tolerance at all.. Also, when it comes to the closing date.. the closer to the end of the month you close the less day of interest is needed, so your costs are lower.. but if you go into the beginning of the next month, then they need to add enough days of interest to pay through the end of the month.. Example. You close on the 28th of Nov. you only need 2 days of interest.. your first payment will be due Jan, 1, 2018.. Example 2: You close on December 1st.. you would need to pay 30 days of interest, your first payment will be due Feb 1st, 2018. In the 2nd example.. you closed 1 day later, but had to pay for a full months interest in your closing costs to get you to the end of the month. If this all sounds confusing, then call your loan officer and ask them to explain it in more detail. but typically, this is the item that can make a significant change to your closing costs.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

13 days ago
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