Talked with a loan officer last week that totally changed my timeline

I was at an open house in Austin and got chatting with the loan officer hosting it. She told me she sees people all the time who think they're ready to buy but haven't actually saved for closing costs, which can run like 3-5% of the loan on top of a down payment. She said one couple had $30k saved but only $2k of it was for closing costs so they got stuck. It hit me differently because I was planning to offer in maybe 2 months and now I realize I'm probably 4 months out minimum. Has anyone else miscalculated how much they need for closing costs and had to push back their offer date?

2 comments

2 Comments

charlesj461d ago

$30k saved but only $2k for closing costs, that's wild.

west.alice13h ago

$30k saved but only $2k for closing costs" sounds like they bought the house with Monopoly money.