Cash-Out refi disclosure very different from estimate?

[Jobee Vincent Buenaventura]

Hey everyone! It's my first time nearing the end of the BRRRR cycle and I got a rate of 2.75% with an 80% LTV FHA. I am to be given a cash out estimate of $40,000 at closing, with a new mortgage of $2,400/mo.

Now I’m due to close on Nov, 1st and looking at the disclosure they sent me today I see that it’s $33,000 cash out.. I gave them a call and they said that I don’t have to pay any mortgages until January, plus any escrows that I had with my previous title company for the last quarter will be given back to me, which should total to near the $40,000, but is that really counted towards my cash-out?

Just wanted to confirm with you guys. As $7,000 sounds rather like a big difference. Thank you!