1. Welcome! Please take a few seconds to create your free account to post threads, make some friends, remove a few ads while surfing and much more. ClutchFans has been bringing fans together to talk Houston Sports since 1996. Join us!

Mortgage Refinance Question

Discussion in 'BBS Hangout' started by dragician, Sep 9, 2013.

  1. dragician

    dragician Member

    Joined:
    Feb 27, 2011
    Messages:
    3,990
    Likes Received:
    131
    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.
     
  2. Yonkers

    Yonkers Contributing Member

    Joined:
    Jun 19, 2002
    Messages:
    8,433
    Likes Received:
    480
    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.
     
  3. SwoLy-D

    SwoLy-D Contributing Member

    Joined:
    Jul 20, 2001
    Messages:
    37,617
    Likes Received:
    1,448
    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/ :cool: Beware!
     
  4. dragician

    dragician Member

    Joined:
    Feb 27, 2011
    Messages:
    3,990
    Likes Received:
    131
    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.
     
  5. Mr. Clutch

    Mr. Clutch Contributing Member

    Joined:
    Nov 8, 2002
    Messages:
    46,550
    Likes Received:
    6,131
    Stupid b****.
     
  6. dragician

    dragician Member

    Joined:
    Feb 27, 2011
    Messages:
    3,990
    Likes Received:
    131
  7. SwoLy-D

    SwoLy-D Contributing Member

    Joined:
    Jul 20, 2001
    Messages:
    37,617
    Likes Received:
    1,448
    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? :eek:
     
  8. Johndoe804

    Johndoe804 Member

    Joined:
    Jun 24, 2010
    Messages:
    3,233
    Likes Received:
    147
    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.
     
  9. dragician

    dragician Member

    Joined:
    Feb 27, 2011
    Messages:
    3,990
    Likes Received:
    131
    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.
     

Share This Page

  • About ClutchFans

    Since 1996, ClutchFans has been loud and proud covering the Houston Rockets, helping set an industry standard for team fan sites. The forums have been a home for Houston sports fans as well as basketball fanatics around the globe.

  • Support ClutchFans!

    If you find that ClutchFans is a valuable resource for you, please consider becoming a Supporting Member. Supporting Members can upload photos and attachments directly to their posts, customize their user title and more. Gold Supporters see zero ads!


    Upgrade Now