There is a 1900 dolor difference between my good faith estimate and the preliminary hud?
Answers:
Most likely the HUD is correct as it has the actual final figures (assuming there are no errors).
If your LO is like me, I tend to over-estimate costs so that you don't have a shock at closing. This also allows for any unforeseen costs that may arise.
If you are purchasing, the $1000 back may be for the tax credit that the seller is required to give you at closing. Sometimes these credits exceed what is needed for your escrow account (if applic).
Give your LO a call first thing in the morning to confirm that the HUD is correct. My bet is that it is.
Yes, the HUD is the most correct one. The majority of Loan Officers estimate very high to, like the person above me said, avoid a shock at the end. Actually, it makes our clients much happier when they see the final numbers. So, be happy that you are getting back more!
The HUD is going to be accurate. The Good faith estmate is just that.. an estimate by the loan officer or mortgage broker. They dont' know the final exact figures so they are providing an estimate in good faith to you which shows their educated guesses at your closing costs.
The HUD is a legal and binding document. It will show an overview of your entire real estate transaction including all fees to third parties, buyer, and seller.
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