I have just signed my closing paperwork and the numbers on these documents are not even close to matching what I discussed with my loan officer at the beginning of my loan application process, what do I do? If your closing paperwork is not even close to your initial paperwork and rate and payment quotes the first thing you need to do is contact your loan officer/mortgage professional and talk to him or her about this immediately. If this is for a purchase you need to get a hold of your loan officer before you sign anything and talk to him and find out why there is such a big discrepancy, especially if he never told you that anything was any different throughout the whole process. An experienced mortgage professional should discuss your closing information such as rate, term, fees, payment(s), etc... with you before closing so that there are no surprises. If you are unable to get anywhere on the phone with your loan officer or unable to get a hold of him/her I would recommend not signing anything until you are able to work something out.

If your closing paperwork, particularly your HUD settlement statement, does not match what you have discussed with your mortgage company, please be advised that you are under no obligation to take the loan. In many cases, it may be more beneficial to you to delay closing and get the deal you were promised than to take the deal that does not match. It's a decision that can cost or save you a lot of money over many years, and should be treated as such. If you would like an opinion of what to do in such matters, even if you have already signed the documents, you may contact a specialist in the area by calling 414-303-1215 or via email at msearing@mayfairmortgage.com

If the numbers on your settlement statement (HUD) are not adding up to what was negotiated with your loan officer, contact him/her immediately. You are not obligated to sign the closing package. Last minute changes can be made so both parties are content with the outcome.

If you are uncomfortable with your closing douments, contact your mortgage professional immediately. Do not succumb to pressure to get your closing over and done with. Keep a copy of your original Good faith Estimate issued within 3 days of your application. Let your mortgage professional know of your intention to obtain other avenues of financing unless your original offer is not granted.

 

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