Hi, My closing date is the end of this month so I asked to my lawyer for the exact closing cost. My lawyer replied: As far as the closing costs are concerned, I will not be able to forward you all costs until a day prior to the closing since I will not know the bank fees until then. The only costs that will be available is your title fees and some of your condo fees. Therefore, I will not be... [more]
Hi,
My closing date is the end of this month so I asked to my lawyer for the exact closing cost.
My lawyer replied:
As far as the closing costs are concerned, I will not be able to forward you all costs until a day prior to the closing since I will not know the bank fees until then. The only costs that will be available is your title fees and some of your condo fees. Therefore, I will not be forwarding the numbers until I have all fees available.
At the closing, you will need to both bring your driver's license and your personal check book in the event that there are minor costs that need to be paid at closing that arise at closing. I only receive an estimate prior to closing, therefore, there is always a chance for a minor adjustment occurring at the actual closing itself.
Is this a normal that we cannot know the exact amount until a day before the closing?
Can someone share their previous experiences on the minor adjustments for the closing costs?
Any advices for the closing are welcomed.
Thank you
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Response by tcurranmortgage
almost 13 years ago
Posts: 52
Member since: Jul 2012
Good evening Astorian,
Yes, this is normal that you cannot get the EXACT amount of costs until the day before (and sometimes the day OF) the closing. Final adjustments on different fees are completed depending on the time of month you are closing.
But your Attorney is incorrect in one area: bank fees. Your bank fees have been disclosed to you on your Good Faith Estimate (GFE). Your Loan Officer should be able to guide you with more specifics. AND your Attorney CAN send you the title fees (and condo fees) so you can meld that with the Lender fees to get a very close approximation.
Signature
Very truly yours,
Trevor Curran
NMLS #40140
Office: 516-829-2900
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd, Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
Good evening Astorian,
Yes, this is normal that you cannot get the EXACT amount of costs until the day before (and sometimes the day OF) the closing. Final adjustments on different fees are completed depending on the time of month you are closing.
But your Attorney is incorrect in one area: bank fees. Your bank fees have been disclosed to you on your Good Faith Estimate (GFE). Your Loan Officer should be able to guide you with more specifics. AND your Attorney CAN send you the title fees (and condo fees) so you can meld that with the Lender fees to get a very close approximation.
Signature
Very truly yours,
Trevor Curran
NMLS #40140
Office: 516-829-2900
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd, Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
yes normal