your Virginia refinance..
email sent to a client
Attached is an estimate for your review so you can see what’s involved. I estimated worse case scenario for everything. As we get closer we’ll modify #’s and loan amount so it has you bringing to settlement close to what you want to bring. I put 145/month for both insurances; homeowner’s and flood. Everything on there goes to a vendor and not in our pockets. The wholesaler we may sell your loan to, the title company, and the state of Virginia.
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I used 75,000 as your current amount to ‘payoff’ the current lender (balance plus one month’s interest). Another variable, when your taxes were last paid will determine how many months we need to collect to establish your new escrow account. If they were just paid, the lender will want 6 months plus 2 reserves… I put 5 in your estimate. 5 months X 408/month is $2k. A Virginia refinance we had close yesterday collected 4 months. Once we are closer to settlement and know exactly, we can adjust your loan amount accordingly. You can decide what loan amount that will keep you at what you want to bring to the table.. if anything. This estimate has you coming to the table with $0. You can tell me to leave that way or adjust for the amount you’d like to bring. Keep in mind, your current lender will cut you a check for whatever amount they’ve collected from you so far for your tax escrows. Same thing applies to Homeowner’s and Flood Insurance.
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Also, if you close in January, you will not have a February mortgage payment to make.
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Actually, I’ll send you a 2nd email with an entire loan application to sign and a checklist of what to get. I think we should lock now, but if you still want to wait and take your chances, you can sign it and get me everything so we can pull the trigger when it’s time. Happy New Year!!