“What Happens when the Closing Date Changes?”
Hello Joe,
The seller pushed back the closing date to 11/10, very frustrating especially since we were supposed to close on the 30th and my mortgage has been clear to close for 3 weeks. I have a few questions:
1. Will I have to bring more money to close (currently I need to bring 17,425)?
2. What would my first mortgage payment be?
3. How does this effect the pro rated taxes and etc I have to pay?
4. When would my first mortgage payment be, is it still going to be $2611?
5. What else has changed/ will change since the closing date is no longer 10/31?
6. Do I need to sign/fill out any additional documents?
Thank you for all your help, so glad my mom recommended you!
Fortunately for this client nothing much is going to change other than the number of days of pre-paid interest will go from 1 day to 20 days. Most importantly, her interest rate doesn’t expire until the 13th and since interest rates have increased since the loan was originally locked, we are good.
There are always many moving parts in every mortgage and real estate transaction. This one for the most part will have a happy ending, but that’s not always the case.
Image courtesy of DavidCastillo/freedigitalphotos.net
