I have 2 questions:
1. Closing Costs: A buddy of mine just went through a refinance and his total closing costs including taxes, escrows were quoted 16K on the loan estimate. When he closed it was less 13K. Obviously the exact costs are not until shortly before the closing. Is there a reason why he receives a check for the balance instead of reducing his loan amount? It sounds to me that this loan officer was trying to make as much as he could for himself. Now I know there are honest loan officers out there and some are on this forum. I just wanted to get an opinion on this
2: Loan Servicing: I know there is nothing we can do as a lot of lenders are not in the business of servicing loans. Most are sold shortly after you close. I am in a position where I am going to attempt to pay my mortgage off ASAP once I do find a property. After speaking to some friends and family they told me not every loan servicer will allow you to make extra payments. I want to be able to set up bi weekly payments. What are my options if I wind up with a servicer that does not allow this?
1. Closing Costs: A buddy of mine just went through a refinance and his total closing costs including taxes, escrows were quoted 16K on the loan estimate. When he closed it was less 13K. Obviously the exact costs are not until shortly before the closing. Is there a reason why he receives a check for the balance instead of reducing his loan amount? It sounds to me that this loan officer was trying to make as much as he could for himself. Now I know there are honest loan officers out there and some are on this forum. I just wanted to get an opinion on this
2: Loan Servicing: I know there is nothing we can do as a lot of lenders are not in the business of servicing loans. Most are sold shortly after you close. I am in a position where I am going to attempt to pay my mortgage off ASAP once I do find a property. After speaking to some friends and family they told me not every loan servicer will allow you to make extra payments. I want to be able to set up bi weekly payments. What are my options if I wind up with a servicer that does not allow this?