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.
Justia disclaimers below, incorporated herein.
1 user found this answer helpful
A: Lenders typically rely on their own appraisal and not a value you tell them the property is. It's not clear what exactly you are concerned about that has a legal implication given the facts.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
