Continuous inacurate mortgage estimates

[Ethan Mitch]

Hey all,

I'm going to try and keep this quick. I'm 24 and a first time home buyer that is set to close in a week. I'm not too experienced on this stuff, but I have educated myself along the way.

I'm working with a mortgage company. Essentially, the first mortgage estimate I was given had me at $1090/month before I put on offer in. Once my rate was locked, my estimate was now just under $1160. No big deal. Well, a week later they called me and said that it was increasing again to like just under $1,300. Something that they didn't calculate in with the HOA dues. The called me again a couple days later and told me the estimate was now clocking in at like $1450. They said this was something to do with another incorrect estimate on their part. Well, yesterday they inform me that it has once again gone up due to their insurance estimate being way off. So as of today, my mortgage estimate now sits at $1,575. And obviously that is still an estimate, so who knows what tha'tll be by the time I get my closing disclosure. That is like over a 30% increase since the beginning.

To be honest, I can barely afford it anymore. If it goes up over 1650, there's literally no way I can do it every month. But I'm under contract, and I don't wanna lose my earnest money or get sued. They also completely misestimated my down payment. Originally, it was going into my loan. Then it wasn't, and I would need to pay 3k. Now, its estimated at a whopping 9k. How does that happen?

Thankfully, I have a ton of money in the bank for that down payment. But what if I didn't? I would have been screwed.

Is this normal practice?