Which is better? One time close or two closing?

mukimba

9 years ago

I am curious as to what everyone else did/or is doing?
What are the benefits?
The draw backs?

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Comments (6)

MFatt16
9 years ago
We did a one time close. It was really all that was offered by any banks around here.

Benefits: Interest rate is locked in Cons: Interest is a bit higher than market

Benefits: one appraisal, no need to reappraise after and risk it not coming in for the right value and having to bring cash to close

Benefits: Only one set of paperwork

The only con we have run into is that interest rates continued to drop over the last year so we are paying more than if we had done a 2 time close. Its a gamble though, they very well could be higher later on. We figured we could always refinance so it was worth the security of locking in at a known (decent) rate.
mukimba
Original Author
9 years ago
Thank you MFatt16.
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Sorry to hear that Jane, those gluttons should leave a few for you ! My area here is no different really,...moved here in Jan 2009 and soon discovered that most all the critters I never noticed before, all came out in abundance once the mangoes started dropping. The most acrobatic ones, the squirrels, didn't even have to wait that long because they are such amazing climbers,...more than a few times I'd pluck a large mango from the upper branches with my telescoping fruit picker, only to discover one or two chunks gone with the squirrel's teeth marks clearly visable. Been through it all I guess, - 7 years ago I had an invasion of Cuban Tree Frogs, then Green Iguanas and Spiny Tailed Iguanas moved in,..all fond of the mangoes, especially the last two evil-looking critters. Thankfully by confronting them head-on, and not ignoring them, I finally was able to eradicate mostly all,.... or perhaps they just got bored with my small plantation and moved on to better prospects ! LOL Bottom like however, I have come to accept the fact that the critters will always get their share no matter what I do. Haven't seen even a critter one in the last year, ( during the day of course ),..keeping my fingers crossed and hoping I don't jinx myself as I look at the 3 large cage traps stashed away in the shed. Just took another close look,..the pollinators have done their job,..there are a bajillion tiny mangoes, the size of a pea, clinging to the well branched panicles. There will be a large harvest in another 4-5 months hereabouts,...most will be harvested by the plantation owner, but no doubt, more than a few will be gobbled up by the critters that come out stealthily each night. Have come to accept this,..feel that this is the way it should be,...the critters are mostly homeless and need a hand out, ( small tho it be ), right ?.....RIGHT ? :0)
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Joy314
9 years ago
We also did a one time close and agree with all that MFatt16 said.
njbuilding143
9 years ago
One time close is the only way to go.. We had the choice of going with two closings or one closing (TD Bank vs Wells Fargo).. TD Bank offered the one time close and we jumped on it.. Don't forget.. Two closings leaves greater risk for things to go wrong and usually costs more then single time closing.. Two closings equals two rounds of closing costs.. Also while you may be approved the first time around you run the possiblity of being denied the second time around.. Just imagine.. You have your dream house all financed but during construction your significant other or you yourself lose you job.. Now you go in for second round of approvals and bank denies you OR tell you that you need to put down more money.. You run the risk of losing your house before even moving in.. All in all a single closing is better.. We got ours just at the right time.. Ended up getting fixed rate of 3.375%..
MFatt16
9 years ago
We are at 5.5% or so, at the time it was higher than the lowest 30 fixed by 1 full percent. Not great but not breaking the bank. We are trying to finish the house up so we can tie up the loan and see if we can qualify for a refi to take advantage of the 4% before it disappears for the next few years.
mukimba
Original Author
9 years ago
Thank you all for the feedback.
I think there is only one or two banks in our local area that offer the one time close. I shall look into both of them.

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Which is better? One time close or two closing?

Comments (6)

MFatt16

mukimba
Original Author

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Joy314

njbuilding143

MFatt16

mukimba
Original Author

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Which is better? One time close or two closing?

Comments (6)

MFatt16

mukimbaOriginal Author

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Joy314

njbuilding143

MFatt16

mukimbaOriginal Author

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mukimba
Original Author

mukimba
Original Author