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Guest

Hello,

I'm about to buy an apartment but I think I'm not receiving the treatment from my broker as I expect.
I live in Miami the bank is Bank of America and I'm making a FHA loan (first buyer)

The problem is I'm always asking to my broker how much exactly I'll pay at the closing and how much will be my mortgage but he always give me hard time for the exact answer.

I sent all required document to them (Bank of America) and this week received the answer that everything is clear and the only thing is missing is the appraisal.

I closed the deal with the developer last month, paid 3.5k down.
My apartment will be ready next week (after a remodeling) for the appraisal and I still don't have a realistic amount that I'll have to pay.

Am I picking or my broker is not treating me like I should?
He always say that he's waiting for the best moment to lock the rate.

gmakerley · Posted: Thu Sep 03, 2009 9:17 am Post subject:

well...a couple of things come to mind here. your last sentence - regarding your rate: rates have dropped in recent days - ours went up .125 or so this morning, but that's really a minimal change and rates are still very good. that being said, it is your choice as to when to lock in your rate.

as for the costs - it's true that you cannot get a genuine feel for actual costs until closing is nigh. again, however, there are certain costs that are fixed and won't change, so you ought to have a very good idea of what you're facing already - assuming you were given a good faith estimate, which is required by law. i'm sure you have one - b of a is too big a bank/lender not to abide by the law. review it once again and verify as best you can the figures that are shown there. you'll be pretty close to those numbers when you reach the closing table, i would have to think.

the costs, since they've been estimated already, ought not to be a major concern; but you need to speak to this loan officer again about your interest rate. if you want to lock your rate, you have that right, and you need to tell your loan officer precisely how you feel about it.

Guest

Thanks for your answer!

Actually, the broker gave me an idea of how much I would pay but it was like 2 months ago before I close the deal with the developer and after I got a discount of 4k.

My new question is: Let's say that he gave to me the closing cost at 15,000
there are any other charges to pay after that like sales taxes?

gmakerley · Posted: Thu Sep 03, 2009 11:33 am Post subject:

other charges: yes, more than likely. sales tax -no; property tax, interest adjustments - yes; title work - perhaps.

remember that a good faith estimate is precisely that: an estimate. a smart loan officer tries to prepare his borrower(s) for the worst, so one would hope that his estimates to you were higher than you'll eventually find them to be.

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