Payment shock

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This topic contains 5 replies, has 3 voices, and was last updated by  yassieyas 3 months ago.

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  • #43136

    yassieyas
    Member

    I am currently in the mortgage process stage and I was wondering if I still need to keep up with my payment shock?

    #43138

    ggof3
    Member

    @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.
    #43140

    yassieyas
    Member

    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?

    #43141

    ggof3
    Member

    @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.

    #43207

    TTrumble
    Member

    Hello yassieyas,

    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.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #43408

    yassieyas
    Member

    @ttrumble @ggof3

    i have just a few more questions.

    This month I moved my roth ira money ( I only took out my contribution so I wont get penalized or taxed) to my checking account. Will that count towards my monthly shock payment for this month?

    Also, I now know I need to keep uploading my bank statements but do I also need to keep uploading my credit card statements?

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