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Profile picture for oylkan

Doing a refi...

We are doing a refi w/Well Fargo for $235,000 @ 4.87% and the payment is going to be $1600 a month.I am confused why my payment is going to be $1600 rather than $1300, this does include taxes/insurance. Any thoughts what is going on here?
  • August 04 2011 - Poulsbo
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Answers (5)

"The refi is for a single family home w/a mother-in-law home. We are being charged as a multi family property,"

It's either a single family or it's not, you cannot be charged for something that it isn't. What does the preliminary title report say it is? 
  • August 04 2011
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The increased amount could be your taxes, insurance and association fees. Part of it could also be the closing costs of the loan wrapped back into the loan amount. Be sure to check with your loan officer for clarification on all charges. They are required by law to provide you with a good faith estimate of all closing costs and fees. They have to show you where the money is going. If there is something you do not understand, ask questions and make them explain it to you. Over the life of the loan they will make a substantial profit. The least they can do is spend a little time with you up front and be sure you are comfortable with the transaction and understand it. If they are impatient, politely remind them of this fact.
  • August 04 2011
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Profile picture for oylkan

The refi is for a single family home w/a mother-in-law home. We are being charged as a multi family property, still tho, $1600 on a $235,000 @ 4.87% refi. We do have a loan officer and I will ask as soon as we get the appraisal back.  Just wondering if I am missing something.  Thank you much for your reply.

  • August 04 2011
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While your asking, ask why you have a 4.875% rate.
  • August 04 2011
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Profile picture for shapiroamg

Sounds like it. Also if you own a condo, they might lump the condo fee in the payment, but this is for qualifying purposes. you would still make that payment to the mgt co.

Dont you have a Loan Officer to ask??

  • August 04 2011
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