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  • February 9, 2011 at 12:51 PM #664713
    ninaprincess
    Participant

    OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [quote=SK in CV]I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.[/quote]

    February 9, 2011 at 1:30 PM #664111
    SK in CV
    Participant

    [quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [/quote]

    The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.

    February 9, 2011 at 1:30 PM #664856
    SK in CV
    Participant

    [quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [/quote]

    The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.

    February 9, 2011 at 1:30 PM #665191
    SK in CV
    Participant

    [quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [/quote]

    The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.

    February 9, 2011 at 1:30 PM #664049
    SK in CV
    Participant

    [quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [/quote]

    The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.

    February 9, 2011 at 1:30 PM #664718
    SK in CV
    Participant

    [quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [/quote]

    The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.

    February 9, 2011 at 1:45 PM #664728
    ninaprincess
    Participant

    The loan amount in the truth-in-lending document should show $405,700 instead of $400,881.

    I just spoke with the broker again. She said it was a mistake by the lender and it will be corrected by the underwriter.

    I calculated the payment:
    2175.41 * 360 = $783,147.6
    209.61 * 91 = $19,074.51
    + fee (~2000?)

    I am not sure how to put everything togetther to get APR but I think it is not too far off 5.44 so I am OK.

    My main concern was the different loan amount but will see what the underwriter says. It was hard for me to believe they made such a mistake like that.

    (91 payments til reaching 78% of loan/price ratio)

    [quote=SK in CV][quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [/quote]

    The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.[/quote]

    February 9, 2011 at 1:45 PM #664865
    ninaprincess
    Participant

    The loan amount in the truth-in-lending document should show $405,700 instead of $400,881.

    I just spoke with the broker again. She said it was a mistake by the lender and it will be corrected by the underwriter.

    I calculated the payment:
    2175.41 * 360 = $783,147.6
    209.61 * 91 = $19,074.51
    + fee (~2000?)

    I am not sure how to put everything togetther to get APR but I think it is not too far off 5.44 so I am OK.

    My main concern was the different loan amount but will see what the underwriter says. It was hard for me to believe they made such a mistake like that.

    (91 payments til reaching 78% of loan/price ratio)

    [quote=SK in CV][quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [/quote]

    The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.[/quote]

    February 9, 2011 at 1:45 PM #665201
    ninaprincess
    Participant

    The loan amount in the truth-in-lending document should show $405,700 instead of $400,881.

    I just spoke with the broker again. She said it was a mistake by the lender and it will be corrected by the underwriter.

    I calculated the payment:
    2175.41 * 360 = $783,147.6
    209.61 * 91 = $19,074.51
    + fee (~2000?)

    I am not sure how to put everything togetther to get APR but I think it is not too far off 5.44 so I am OK.

    My main concern was the different loan amount but will see what the underwriter says. It was hard for me to believe they made such a mistake like that.

    (91 payments til reaching 78% of loan/price ratio)

    [quote=SK in CV][quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [/quote]

    The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.[/quote]

    February 9, 2011 at 1:45 PM #664121
    ninaprincess
    Participant

    The loan amount in the truth-in-lending document should show $405,700 instead of $400,881.

    I just spoke with the broker again. She said it was a mistake by the lender and it will be corrected by the underwriter.

    I calculated the payment:
    2175.41 * 360 = $783,147.6
    209.61 * 91 = $19,074.51
    + fee (~2000?)

    I am not sure how to put everything togetther to get APR but I think it is not too far off 5.44 so I am OK.

    My main concern was the different loan amount but will see what the underwriter says. It was hard for me to believe they made such a mistake like that.

    (91 payments til reaching 78% of loan/price ratio)

    [quote=SK in CV][quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [/quote]

    The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.[/quote]

    February 9, 2011 at 1:45 PM #664059
    ninaprincess
    Participant

    The loan amount in the truth-in-lending document should show $405,700 instead of $400,881.

    I just spoke with the broker again. She said it was a mistake by the lender and it will be corrected by the underwriter.

    I calculated the payment:
    2175.41 * 360 = $783,147.6
    209.61 * 91 = $19,074.51
    + fee (~2000?)

    I am not sure how to put everything togetther to get APR but I think it is not too far off 5.44 so I am OK.

    My main concern was the different loan amount but will see what the underwriter says. It was hard for me to believe they made such a mistake like that.

    (91 payments til reaching 78% of loan/price ratio)

    [quote=SK in CV][quote=ninaprincess]OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [/quote]

    The difference is almost certainly the points and other fees that are being financed. Which is also why the differece between the interest rate and the APR.[/quote]

    February 9, 2011 at 2:00 PM #665216
    JBurkett19
    Participant

    If you feel like your broker isn’t answering all of your questions to your satifaction, then you should probably find another broker. I’ve been in your siuation, and there’s nothing worse than a broker that takes the wrong tone, or doesn’t take the time to understand and answer your questions.

    As a side note- HUD-1, GFE’s and all real estate transaction documents for that matter, are intentionally deceptive. Unless you deal with them all of the time, it takes a minute to understand what you’re looking at. That’s why, in part, a good broker can be an asset.

    February 9, 2011 at 2:00 PM #664074
    JBurkett19
    Participant

    If you feel like your broker isn’t answering all of your questions to your satifaction, then you should probably find another broker. I’ve been in your siuation, and there’s nothing worse than a broker that takes the wrong tone, or doesn’t take the time to understand and answer your questions.

    As a side note- HUD-1, GFE’s and all real estate transaction documents for that matter, are intentionally deceptive. Unless you deal with them all of the time, it takes a minute to understand what you’re looking at. That’s why, in part, a good broker can be an asset.

    February 9, 2011 at 2:00 PM #664880
    JBurkett19
    Participant

    If you feel like your broker isn’t answering all of your questions to your satifaction, then you should probably find another broker. I’ve been in your siuation, and there’s nothing worse than a broker that takes the wrong tone, or doesn’t take the time to understand and answer your questions.

    As a side note- HUD-1, GFE’s and all real estate transaction documents for that matter, are intentionally deceptive. Unless you deal with them all of the time, it takes a minute to understand what you’re looking at. That’s why, in part, a good broker can be an asset.

    February 9, 2011 at 2:00 PM #664136
    JBurkett19
    Participant

    If you feel like your broker isn’t answering all of your questions to your satifaction, then you should probably find another broker. I’ve been in your siuation, and there’s nothing worse than a broker that takes the wrong tone, or doesn’t take the time to understand and answer your questions.

    As a side note- HUD-1, GFE’s and all real estate transaction documents for that matter, are intentionally deceptive. Unless you deal with them all of the time, it takes a minute to understand what you’re looking at. That’s why, in part, a good broker can be an asset.

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