@yassieyas, 1st congrats for being in the mortgage process stage! 2nd – emphatically yes, keep doing payment shock and everything else you were required to do to get to this point. I just received my clear to close – final, I am scheduled to close on Monday. Trust me, you do not want any bumps that could’ve been avoided at this stage. Good Luck!!
This reply was modified 3 months, 1 week ago by ggof3.
I paid my escrow and inspection fee this month which of causes more money to come out than usual. How will they even be able to calculate whether or not I did a payment shock for July due to those 2 big payments?
@yassieyas, you can upload your inspection invoice receipt to your file and/or email it to your closing coordinator. I’m not sure what escrow amount you paid, but as long as there’s a receipt to match the amount you should be fine. When you upload your bank statements they will see that you’re still doing payment shock even if the amount went towards inspection and escrow.
ggof3 answered your questions very well, so I will just reinforce that you absolutely need to keep saving Payment Shock and keep your pay stubs and bank statements updated without fail right up to the day you close on your new home.