The bank we are getting our mortgage w/for our new home wants us to send in the deposit for closing costs b/4 the sellers have even signed the contract. I think this is total nonsense.
Am I wrong?
StepherG
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Re: I'm annoyed, does this sound fair?
What bank is that? Sounds suspicious...I've never heard of that.
JENNCHRIS
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Re: I'm annoyed, does this sound fair?
I haven't heard of that. Our mortgage broker had to make sure that we had the amount we needed in our account before the closing, but they didn't need it in their hands.
KarenB
Posted:
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Re: I'm annoyed, does this sound fair?
It is a deposit of 1% of the loan. I definitely think it is WRONG. I think they should be willing to wait until all parties have signed the contract.
swags1016
Posted:
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Re: I'm annoyed, does this sound fair?
I would definitely start looking at another bank. We had to pay a processing fee but not like that. Be careful
KarenB
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Re: I'm annoyed, does this sound fair?
This all turned out ok. The sellers of our new home signed yesterday and we sent in the check to the mortgage co.
Now I am wondering though what kind of $$ is usually paid to the mortgage company along the way and then at closing, it seems they wanted a bit more than what the other posters had to send in.
bride04
Posted:
Member since
Re: I'm annoyed, does this sound fair?
I think they are supposed to give you a good faith estimate of closing costs. All of the mortgage companies we checked out gave us this info before we even applied. They should be able to tell you what other costs are involved ahead of time. Good luck!
