Closing Disclosure (CD) Explained: Mortgage Settlement Statement
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- เผยแพร่เมื่อ 26 ก.ค. 2024
- The Closing Disclosure (CD) Explained : Mortgage Settlement Statement.
You're about to close your loan so what is this CD they keep mentioning? Well this vido will help explain all that!
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Congrats on your closing! Now learn more about the Closing Disclosure (CD) 😀
Can you please tell us what the box means where it says items unpaid by seller
Yes. That is for property tax prorations or anything the seller pays in advance such as HOA dues. Basically you buy the house sometime during the year but you didn't own it the whole year, but the seller paid the whole years taxes. So how do you reconcile that? With Prorations based on the day you take ownership.
In Florida we have ad valorem and non-ad valorem taxes. One is on a calendar year and the other on a fiscal year. Lets look at the bigger bill, the ad valorem. Tax year is Jan-Dec. So today is May 25th. The seller owned the home from Jan 1-May 25. So those are items the seller is responible for but unpaid by seller. They are a credit to the buyer because the buyer will have to pay the full tax bill when it comes due, so they get a credit for the portion the seller lived in the home.
What if my closing disclosure doesn’t have prepaid property taxes on other costs Line G initial escrow payments? It’s just blank but on page 4, it says you will have an escrow account for now
Talk to you LO and title company
How to get a refund of $3000 my earnest money my closing date this week
Would you be adding the “estimated taxes, insurance, and assessments” to the monthly payment? If I do that, our monthly is over $400 than we talked about with our LO. Am I reading this wrong?
Depends on what option you picked. If you chose or must escrow depending on your scenario then your taxes and insurance will be part of the monthly payment. If you're in an HOA, that fee is NOT part of the payment; its paid separately.
If you "waived" escrows and decide to pay them when they are due yourself, those expenses are still shown to account for them in the debt to income picture.
@@emmettmortgage Yep we had to deduct around $400 to get our final total, which was a big relief!
What the difference between the CD and Preliminary Closing Disclosure? My lender is requesting this from my attorney. I thought this is something they would provide for me to review. They want to make sure I’m getting enough money from the sale of my current home to buy the new home.
Hey Eric. OK a few things going on.
When you are selling/buying and rolling equity into the next one, the lender on the home you are buying will need that prelim CD from the sale of house to document how much you are getting. Its basically an asset document requirement. Say if you were paying with your own funds, they would get 60 days of bank statements. Since the cash is coming from the sale of your home, the amount you're getting needs to be documented, same as any asset.
How is that done if we are doing a simultaneous closing on both the house we are selling and buying? Seems like we can’t get that document until our house sells first. It we can’t schedule a close until they have the document? Seems like a broken loop
The title agent should have a prelim to give a ballpark. Doesn't have to be the signed CD at closing. Just a prelim.@@ericbarker5305
So on page #1, Estimated Total Monthly Payments, does that include Taxes etc that right below that section?
Generally yes
Can you explain why the amount is higher than the agreed loan amount on K and L
What amount?
Hi sir any opening in initial disclose and cd process or reissue i will worked under movement mortgage 4.5 year experience
Sorry no.
Soo the CD matches the Initial approval of the lender prior to closing??
Not always
@@emmettmortgage ahh I see so.. at times can they be more than one disclosure? One at closing and one after being approved
Hi
So when i get that paper that mean that everything its good
Wat a got approved?
Not exactly. The first CD is sent out to expire the 3 day wait, and we usually get them at the initial Underwrite. If there is a condition we cannot clear like a mortgage late, new debt to push the DTI too high etc then we can't close even if a CD was issued.
My cash to close has an X to borrower with 4300. What does that mean?
Your CD does?
Who issues the CD? the bank? the title co?
The Lender who made the credit decision.
162k gets you a closet now 😢
Yeah the sample form has to be updated for sure, lol
too fast. You didn't explain the details of each section.
My apologies. What section do you have the most questions about?