Q: Refinance residential loan application home purchase value question
I am in process of refinancing. In application, I put the home purchase value less by ~$700, this happened as I rounded the numbers (560k vs 560.7k). In fact all that was from memory. I requested the change, but the loan officer again missed it. Now the closing is scheduled and I am little concerned if this needs to be sorted out. Loan officer suggested that it is not a problem and that number won't be used for anything. Home appraisal value is higher than the purchase price which is used for LTV calc. Will this cause issue later? Will this impact taxes (recording fee, etc). I want to fix it, but my lock is expiring and as per lender this is not an issue at all as that information is not used in decision making. Please help.
A: If the lender says the $700 misquote is not a problem, then it isn't a problem. Your taxes don't change with a refi. Recording fees are per document. There is no taxable transfer. Chill, it isn't a problem.
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