More Clarity On The Appraisal

I found out why they’ve charged us $850 for the appraisal. Apparently since Jan 1st they’re requiring all loans to have 2 appraisals. That sounds like a bunch of crap but atleast we know why its so high. Anyway, the builder wasn’t willing to extend the close of escrow so its a take it or leave it situation. We took it.

However, on another interesting note, they wanted us to pay more interest because we took 2 days extra to close. This is what the loan processor told us.

We had wired out already on the file yesterday and then the Etrade wire would have originally been today, so once this is all set, I need to send a few more days interst on that wire to match the day we record.

Since we’re closing the loan 2 days late, I would’ve guessed we’d pay less interest. [Since you pre-pay the interest for the remainder of the month, that way you have a nice round mortgage payment the next time its due]. So this what she said.

It is less interest you got a day back for each the first and second
mortgage So yes, you paid less interest to close today then yesterday.

We didn’t understand that so we asked if we had to pay more interest.

I have to send the title co. more interest because we withhold our fee’s and just send them the remaining balance… (loan amount and their fee’s etc.) So since the charge was less to you, I needed to forward more interst to them.

Does that make sense?

No.

Ok, It’s just technical stuff. I don’t know how to explain this further,
but it makes your bottem line less.
So you pay less interest….

Did anyone else follow this?

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