I Am Paying What?

I Am Paying What?

In interest of full disclosure, TRID (TILA-RESPA Integrated Disclosure) details ALL the costs into the closing document.  Even costs the buyer is not paying for.  This is confusing when someone at the closing table trying to make sense of the numbers.

I had one guy say; our contract states $200,000 so why am I seeing $204,899.31.  Good question.  We had asked for closing costs to be paid in the contract and what the loan amount and what he was bringing for a down payment added up correctly to the $200,000.   (My only saving grace.)

Consumers want to see that they are paying what they agreed upon in the contract especially if other concessions were given like closing costs or there are other items the seller picks up.

It is hard enough to get to the closing table; but, when we have numbers that don’t add up to client’s expectations, it makes it difficult to explain.  Luckily, the closing agent and I were able to put the client’s mind at ease; but, it was a tense moment.  I’m not to sure if TRID really has made it simpler for the consumer.