Knowing your numbers

[Luka Milicevic]

Hello everyone,

I just wanted to share a quick experience I have had with conventional lenders over the past 12 months. 

There have been multiple times now that I received a closing statement with incorrect numbers. Mostly incorrect closing costs and I just wanted to caution/remind everyone to CHECK your numbers! Do not assume that what you receive from your lender is correct. 

I am a full-time accountant and I have to admit that understanding the numbers and supporting schedules on a HUD statement is not all that easy. If you don't understand how something was calculated or where it came from; ASK!!!!

I went into a closing today and it happened again. I ended up saving $400 in closing costs that was very easy to miss.

I just wanted to let everyone know to check their numbers and don't assume things are correct. 

Happy investing.

[JD Martin]

My title company sends me the HUD statement a couple of days before the closing. I have caught errors twice, both that were not in my favor. One was a $1000 failure to account for earnest money. So yes, absolutely, double-check everything.