Attorney Fees and Other Closing Costs

[sunflower8]

@mariaavocado @elherdz

My closing was pushed from Friday to (hopefully) Tuesday.

As far as costs, my closing disclosure doesn’t list the attorney fees because I will be paying her separately. The attorney I selected charges a flat fee ($500) that was agreed upon before her name was listed on the real estate contract. I have not yet paid her and will pay after I close.

[mariaavacado]

Hi ok so I’m closing tomorrow at 1pm contradictions for sure in regards to fees. I too said where is this info in writing or something to the affect of all states have different fees Boa will pay. So basically I was told that since Jan of 2020 they are no longer paying which was different then what I was told by my lawyer I was bamboozled as I was told I had to get lawyer and gave me only this lawyer who overcharges and is very pimpus might I add and now I’m stuck paying thid ridiculous amount of $1200 for a lawyer who in my opinion hasn’t done anything more than what the lender lawyer would have done for free for me.
There is an additional charge no one told me about it’s a title fee that lender will not pay. It’s the ownership title insurance. Apparently it’s optional however no one asked me if I wanted it in fact they just applied it to my master statement for approval of all numbers to lender. Luckily the lenders lawyer contacted me and explained that it was and that he can remove it but if not then I will have an additional $1100.
This insurance covers you I’d there’s a unknown lien or something to arise with taxes might never ever have to be used do I’m debating if I truly want it. Makes sense to cover my behind just in case though.
And here is another thing your not going to get your final till the day you close which I think is truly odd but it is what it is I guess. As for the concrete numbers I’ll post sometime in the next few days as tomorrow is closing. So excited ya’ll with all the hassel with hurdles and leaps and bounds we go through in the end it is worth it.we would never be able to afford to purchurse in this area but because of NACA we will be able to make it work
I’m beyond thankful I have this opportunity. I’m purchursing a beautiful home in Elmhurst which is a higher prices area and lender did buy down 2 points for me, seller bought 1.35 points and Im buying the other 2.65 of points to get to 0.875% interest rate and 1.06% APR I also opted to put 10k to principal so I’m already walking in gaining equity as I paid off that $8900 it cost to buy down. Plus reduced payment not by much but it did.
Good luck I’ll post numbers later of final

[sunflower8]

I just received my final closing disclosure and wanted to correct my statement above about paying my attorney fee.

My attorney’s fee ($500) IS listed on the final closing disclosure so her fee will be paid with my closing funds. I close tomorrow at 1pm so can definitely update if anything changes.

[elherdz]

Thanks for the update! Best of luck tomorrow

[elherdz]

Hi! I have been wondering how yours and @mariaavacado’s closings went?

[mariaavacado]

elherdz

So I closed on the 5th it went smoothly surprisingly. I was shocked to see how much the lender did pay towards closing costs and even paid for points to buy down as well.

I did end up going with my MC Mynor referral and sadly that was a waste of my money. The lenders attorney was more helpful.
I did have to pay for attorney $1250, my amount for buy down points $4900, my chosen amount towards principal $10000, owner title insurance (optional) $1100.
To be honest all of that is optional you don’t have to get, buy or put down anything.
Only thing I had to really come up with was the $1750 for repair holdback escrow
For handrails which the amount they want is ridiculous
Handrails and labor. $1000
Incidentals. $500
Fee for HAND TO HOLD ESCROW $250
TOTAL 1750
MY TOTAL COST WAS A LIL UNDER 19K

Mind you I did put up $1000 earnest so really a lil under 20k plus
I also prepaid for inspection $500
And $150 for termite inspection.

However all well worth it there’s no way a home @350k would I have a payment of only $1046 without the ability to buy down points and put money towards principal.
I have a 0.875% fixed and locked interest rate for 30yrs on a 340k loan my total payment of only $1462 which includes taxes and insurance
And. Living in Elmhurst a very beautiful suburb surrounded by jones that are on the higher end of more like a million or more and my child gets to stay at a very great school.
Was it a struggle was it frustrating yes but so worth it.
Do I feel like I was pushed into getting this lawyer yes but I have to take responsibility in not questioning more before I paid the lawyer the initial $250.
Ugh wasted money but thinking about all I saved I’ll be ok.

[elherdz]

I’m so glad, congratulations! Thanks for sharing so much. By any chance did you have to also put prepaids (interest and insurance, anything else) in escrow and did they charge a fee for that too?

We can only hope our closing goes as smoothly in June. Happy homeownership to you!

[RBJ619]

Greetings @mariaavacado and @elherdz,

May I ask how long you guys have been in the program/process and what states you both are in? I had my first intake earlier this month, so I have a long ways to go. I’ve enjoyed reading your posts and I’m just trying to get a general sense of how long it might take for me.

Thanks and congrats to you both!!

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