I'm about to close and I just received my GFE, the total closing cost is a bit higher that we agreed on. 1. I have to pay 1500 more on title insurance. 2. if i cancel this loan, since i have signed some documents, can they sue me? thanks in advance.
I don't think anyone would sue you. You're not beholden to buying anything. If you paid a loan application you'd probably lose that.
There are always additional small costs, but I believe that the Good Faith Estimate is not the final signing. Read the small print before you finally sign on the CLOSING. It seems like you didn't understand all the terms or what the GFE was as compared to the final closing signing. Call your loan officer QUICK and ask those same questions! If they fail to tell you something that you should know, they could be liable. http://www.realestate.com/advice/what-is-a-good-faith-estimate/ Beware!
I asked her twice already via email about how much it's going to cost me if i cancel the deal and she's just ignoring it.
Perhaps a direct phone call with the precise questions will be enough. "Hello, [name]. I don't know if you've had a chance to read the email I sent, and please pardon me for being impatient, but I just had to know"... followed by your questions... Be patient. When is your closing?
No. On all refinances, you can walk away from the transaction. There is a rule called the three-day Right of Recission, in which you have the opportunity to walk away from the transaction after you close the transaction, but before the bank funds your loan. However, you will lose anything you've paid for outside of closing -- appraisal and credit report are the most common items, and I believe that certain appraiser independence rules and investor mortgage purchasing guidelines will make it difficult to transfer your appraisal. Plus, your current lender isn't likely to make that an easy process. In addition, if you go elsewhere, they'll have to run your credit again, so your credit and rate may be worse. If you're locked-in on an interest rate, depending on when you locked, you may have a hard time getting the same rate. If you'd like to provide more details, or if you want me to review your file I can most definitely do so. Just shoot me a PM.
Thanks. I was supposed to roll in the closing cost including appraisal and income statement (it's a rental property). So they paid it for me first. So does that mean that they're going to bill me for the stuff that they did for this loan if I don't close with them? thanks.
