Financing in 48017>Question Details

Burcrest, Home Buyer in 48017

My good faith estimate was $1000 short of actual closing costs.

Asked by Burcrest, 48017 Thu Aug 13, 2009

The brokers say it was do to my home insurance being $23 dollars more per month. What can I do? Can I switch lenders and delay everything a cuple weeks?

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I wouldn't be so quick to jump to another lender or risk violating your agreement of sale (if this is a purchase). It seems like an honest mistake if it's just a mistake in the home owners insurance. If the broker is trying to charge you more in fees to him, I'd make a huge fuss with the broker and your realtor. You should be able to get it fixed. Good luck.
1 vote Thank Flag Link Thu Aug 13, 2009
I would take a moment and sit down with the preliminary GFE and the final GFE or closing statement. Most of the items on the initial GFE are predictable, such as when taxes will be paid/collected, etc. Homeowner's insurance is a different story, as a loan officer doesn't know how many months will be collected for escrow until they see a dec page or binder. $1000 is a pretty big error, however, and $23/month doesn't add up to the discrepancy....so I would again make sure that the fees listed are accurate and true. If anything has changed, you have the right to ask why. You also have the right to request the loan officer to adhere to the initial disclosures - especially if it is his/her fees that have increased!
1 vote Thank Flag Link Thu Aug 13, 2009
I don't see the correlation between $23 per month and $1,000. What else was off? What are the specific line items that did not match-up?
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Thu Aug 13, 2009
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