Home Buying in 34747>Question Details

Polyana, Home Buyer in 34747

I'm closing on a house next week, We are doing a FHA loan and the seller is paying 3.5% towards closing.

Asked by Polyana, 34747 Tue Dec 13, 2011

The only thing left to escrow is the insurance and taxes. Do I have to pay for that one year ahead? what am I looking at towards closing? the title company gave me an estimate of $4146, but that does not include taxes and insurance. BTW I'm in Florida.

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Answers

5
Your lender should give you the GFE.
Your Title Company should give you the HUD1

They won't be identical, but should have a lot of the same numbers:
December is a good month to close, because they only collect 1 month's advanced taxes.
They should collect 1 month's Insurance, (may vary) but you are the one who negotiated the Home Insurance and should know how much it is per month.

Go over these two Doc's with your Agent so that you understand them; look for numbers that are not right.

Good luck and may God bless
0 votes Thank Flag Link Wed Dec 14, 2011
Your loan officer should have had all of these figures for you once your contract was accepted. During the Pre-Approval process in addition to determining a clients price range and down payment requirement we also figure out what they would realistically need for closing costs that way the realtor knows how to negotiate the transaction. There is no good reason why your lender does not have your final numbers a week before settlement.
0 votes Thank Flag Link Wed Dec 14, 2011
Hi Polyana,

Look at your Good Faith Estimate provided by your lender. It should detail the costs you will need to pay.

Yes, you will most likely have to pay the 1st years Homeowners Insurance.

If you cannot find your GFE, contact your lender and they can immediately email a copy to you.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Wed Dec 14, 2011
Loan amount is $116,860.00
0 votes Thank Flag Link Tue Dec 13, 2011
Tough to say since we dont know your loan amount.
0 votes Thank Flag Link Tue Dec 13, 2011
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