Help - my offer just got accepted and I need to secure mortgage within 30 days. What are the hidden things I need to consider apart from interest rates. My preapproval has decent rate (2.75%) but I feel closing is high at $16k. Also lists transfer taxes that seller is expected to pay and I’m not sure if seller is aware. It also says I may not be able to refinance this loan. I’m immigrant and slightly overwhelmed and want to hear best tactics used while shopping around. Thanks in advance

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Are you paying points? Rate is good but you shouldn’t have to pay points for it.

I have point options which brings it down to 2.5 but I ran the tables and not worth it.

Your pre-approval states you can't refinance this loan? That's really weird.

Yes that’s a little weird. Need to call and confirm

I had a decent experience with Better Mortgage - you have a period of time that shopping around won’t impact your credit score with additional pulls. I suggest 3-5 and then take the 2 best a negotiate against each other.

Thank you that’s reassuring to know

Sf1, which lender are you working with?

$432k and $540k D1

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There are loan costs and real estate closing costs, these are not the same but they’ll both show up on the estimated closing statement. $16k closing costs sounds normal if it’s a jumbo loan.
Highly doubt the terms of the note actually state that you can’t refinance or prepay. You are probably reading a required disclosure saying you may not be able to refi based on certain factors that could change like market conditions and your job situation, which is true. Do you not have an agent? Sounds like you need an advisor.

Thanks AD maybe you’re right about refi I’ll have to explore in detail . I have a realtor but have not involved them in finances. It’s not a jumbo loan not even half way there hence wondering if 16k can be brought down. thank you for your inputs

Get a good real estate attorney & your mortgage broker & realtor should walk you through all of your numbers.

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