Mortgage broker using good faith estimate for underwriting purposes. Can...

  • Thread starter Thread starter Dean W
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Dean W

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...figures be changed once signed? The seller is willing to give an assist of 5000.00. The loan amount is 75000, 6% of which would be 4500.00. In order to maximise the sellers assist amount the mortgage broker raised the mortgage amount to 77,000. Obviously this raises my closing costs. The broker claims that the good faith estimate can be changed after underwriting back to the original amount of 7500.00. as it stand closing costs are estimated to be 4319.00 which I am told is kinda high. Should I sign and allow it to go thru underwriting with the higher amount anticipating the change or insist that it be changed now to reflect the correct amount.
 
That sounds screwy to me. But you can't have it both ways. Either:
Accept the slightly higher closing costs in order to get the full $5,000 seller credit

-or-

Bring the loan amount back down to $75,000 to get the lower closing costs and accept the limit of $4,500 seller credit.
 
That sounds screwy to me. But you can't have it both ways. Either:
Accept the slightly higher closing costs in order to get the full $5,000 seller credit

-or-

Bring the loan amount back down to $75,000 to get the lower closing costs and accept the limit of $4,500 seller credit.
 
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