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Old 05-25-2023, 11:08am   #1
DJ_Critterus
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Default Closing on my house tomorrow and the bank just scared me...

Gotta love it when the bank's loan processor calls, say's something odd is happening with the loan for final approval, and has her supervisor online to explain it to me.

Oh shit.... here we go. Something got portered and I'm getting screwed like STS in a truck stop restroom.

Nope..... they over estimated my closing costs and seller gave too many credits. About $6K worth of credits. So, I am getting back about $2K cash for my earnest money and inspection fees. Most of the rest is going to pay down the point, so I went from 5.502% to 5.125%. About $385 has to be left on the table because legally it can only be applied to the point, closing costs, or any out of pocket expenses I had and there is no place to apply it.

Woo Hoo.... stuff is going DJ's way (in a good way) for once
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Old 05-25-2023, 11:12am   #2
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You canít find a way to repurpose that $385 toward hookers and blow for a closing party?
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Old 05-25-2023, 11:19am   #3
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You canít find a way to repurpose that $385 toward hookers and blow for a closing party?
I asked. Even assured the loan processor that it wasn't going to be an orgy and she said no.
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Old 05-25-2023, 11:21am   #4
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I asked. Even assured the loan processor that it wasn't going to be an orgy and she said no.
She wanted an invitation.
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Old 05-25-2023, 11:35am   #5
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5.125 is an excellent rate in todayís market.
Good job.
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Old 05-25-2023, 12:05pm   #6
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I asked. Even assured the loan processor that it wasn't going to be an orgy and she said no.
Pics of loan processor. You know, for science and stuff.
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Old 05-25-2023, 12:06pm   #7
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She wanted an invitation.
My reply was part of the invitation
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Old 05-25-2023, 12:08pm   #8
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Pics of loan processor. You know, for science and stuff.
After the KungFlu scamdemic, do you really want to trust the science? Hate to say this, but you're better off trusting me...or even Porter... than trusting the science
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Old 05-25-2023, 12:08pm   #9
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Congrats and enjoy the new home.
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Old 05-25-2023, 12:10pm   #10
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Hope it goes well 4 U......

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Old 05-25-2023, 12:10pm   #11
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So are you out $385? Can it go in your escrow account?
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Old 05-25-2023, 12:16pm   #12
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So are you out $385? Can it go in your escrow account?
I'm not sure why it couldn't but I need to ask that question. IT might be due to the fact that most escrow accounts are over estimated and this could end up coming back to me in cash at the end of the year. Not sure, though.

@LATB might have a better answer.
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Old 05-25-2023, 12:46pm   #13
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Originally Posted by DJ_Critterus View Post
I'm not sure why it couldn't but I need to ask that question. IT might be due to the fact that most escrow accounts are over estimated and this could end up coming back to me in cash at the end of the year. Not sure, though.

@LATB might have a better answer.
You could always apply it to your trailer payments!
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Old 05-25-2023, 12:57pm   #14
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You could always apply it to your trailer payments!
I do need new tires on the Das Boat's trailer
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Old 05-25-2023, 1:07pm   #15
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Did you post pics of the house?
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Old 05-25-2023, 1:11pm   #16
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Originally Posted by DJ_Critterus View Post
Gotta love it when the bank's loan processor calls, say's something odd is happening with the loan for final approval, and has her supervisor online to explain it to me.

Oh shit.... here we go. Something got portered and I'm getting screwed like STS in a truck stop restroom.

Nope..... they over estimated my closing costs and seller gave too many credits. About $6K worth of credits. So, I am getting back about $2K cash for my earnest money and inspection fees. Most of the rest is going to pay down the point, so I went from 5.502% to 5.125%. About $385 has to be left on the table because legally it can only be applied to the point, closing costs, or any out of pocket expenses I had and there is no place to apply it.

Woo Hoo.... stuff is going DJ's way (in a good way) for once
Not a bad rate, but over twice what I got just three years ago. Let's Go Brandon!
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Old 05-25-2023, 1:20pm   #17
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Did you post pics of the house?
It was in a different thread that I'll have to dig up.

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Not a bad rate, but over twice what I got just three years ago. Let's Go Brandon!
No shit. My house I bought in TX in 2008 was at 2.25%
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Old 05-25-2023, 2:03pm   #18
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Originally Posted by DJ_Critterus View Post
I'm not sure why it couldn't but I need to ask that question. IT might be due to the fact that most escrow accounts are over estimated and this could end up coming back to me in cash at the end of the year. Not sure, though.

@LATB might have a better answer.
Looks like you have no closing costs or out of pocket expenses. I'd forget the 385.
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Old 05-25-2023, 3:05pm   #19
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Old 05-25-2023, 3:10pm   #20
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The $385 will need to be accounted for on the HUD-1
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