Need help with closing costs
I have a current loan application for a $180k property and the loan amount I got was $135k. The fees are $3.5k and closing costs are almost 9% which seems to high for me. Am I correct? I’m not familiar with closing costs prices since I just moved from another county. by jim957 from Aspen, Colorado. Oct 3rd 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Closing costs are some of the most confusing things for homebuyers. All mortgage loans have closing costs, appraisal, credit report, title company fees, state deed taxes, lender costs, and pre-paids items like homeowners insurance and property taxes. There is avoiding them. How you pay for them however can vary. For example, you can pay the full costs, and get the good rate. Or you can lower the out-of-pocket cost today in exchange for a higher rate (think, pay over time), or heck, you can even pay more up-front to get an artificially lower rate. Confused yet? Any good Loan officer will be happy to explain all these options to you. I lend in MN WI IA ND and SD. Find me at https://stpaul-mortgage.com/ - Cambria mortgage, NMLS 274132
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
you can ask seller or realtors to provide a credit that can be used to pay towards costs / prepaids ....you can ask your lender to increase the rate and lower the loan fees as well
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