Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Mortgage geniuses - are we idiots? Please help!
We got our HUD-1 today from our loan officer (finally).
Please explain something if you can. Our purchase price is $315,000 and we are putting 10% down = $31,500. Settlement charges to borrower are $13,229.21. In our minds, that means we bring $31,500 + $13,229.21 to closing.
Nope, not according to our HUD-1. We bring $34,312.19 to closing which includes our down payment (maybe, it's not listed?) + settlement costs.
We do not understand this at all. Are we idiots? Does this actually make sense?
Also, nowhere on our HUD-1 is our down payment listed. DH is also finding errors between the HUD-1 and good faith estimate we received.
Re: Mortgage geniuses - are we idiots? Please help!
How much did you put in earnest money? That should be subtracted out of what you would need to close total.
Would that make sense?
$1000.00. So no, that doesn't really help LOL!
Are the sellers contributing to your closing costs at all? Are they responsible for part of the property taxes for the remainder of the year?
Our sellers contributed $4500 to our closing costs and they were responsible for the November property taxes, so somewhere there was a credit for $4500 + whatever 6 months of property taxes were.
What appears to have happened is that the settlement costs have been included in our 10% down payment rather than being added to it.
Is that standard? We assumed it would work out to be 10% down payment amount + whatever the settlement costs ended up being. We end up owing less than we thought we would.