[Not Sure]

Im looking at a house for $72000...doing a 30 yr conventional mortgage...I was gonna put $7200 down. Then the lender I am working with went ahead and gave me this cost breakdown...comes to over $14K to close!..I know I have to pay a 2% transfer fee....but what about the rest of these numbers? any feedback appreciated...I tried to screen shot them but its a pdf file...

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[Halemach1]

How much land?

 

[Not Sure]

1.1 acre...I am fine with the home price, but these dam closing costs are high to me

 

[MrsMermanRacing]

hells no that is fishy. Usually the seller pays the majority of closing costs just fyi. What is their commission 3%, 6%? I could not pull up the files. Just as an example, my dad and I purchased a townhome in Montgomery county in 2001ish. We paid $112 approx....I believe my settlement fees were around 8k. I'd recruit another lender, especially if youre currently using your realtor's people. good luck

 

[Not Sure]

taxes are around 3600 per year

 

[Not Sure]

not sure on their commission.....I can ask tomorrow

 

[67 bird]

the pics are too small.. Can't read them.

 

[BrutalMetal]

Origination fees etc.. are all bullshit just to line pockets with cash,I see your escrowing your property taxes and insurance? I pay mine separate. I wouldn't accept that estimate. If you have the funds do 20% down with a 20 yr fixed with a lender that doesn't add in random columns of crap for $$$.

 

[BrutalMetal]

the pics are too small.. Can't read them.

click the image it links to 2 larger imageshack photos... close to $500 appraisal seems high too, I'll dig mine out to compare...

 

[Not Sure]

Brutal, that's correct, I am escrowing those 2 items...I can inquire if they can be separated....I think that shouldn't be a problem...but crap like the $895 Origination fee seems like BS to me...

 

[BrutalMetal]

taxes are around 3600 per year

Crazy number for a house of this value, my taxes are a 1/4 of that . People in your area with $400K homes must be paying insane amounts

 

[BrutalMetal]

Brutal, that's correct, I am escrowing those 2 items...I can inquire if they can be separated....I think that shouldn't be a problem...but crap like the $895 Origination fee seems like BS to me...

I pay my property taxes separately every 1/4, the county I live in even gives % discounts for doing it this way. Is that flood/hazard insurance mandatory for your location? $600 a year just for that I see on top of the $3600? I'm also pretty sure you can find a lender out there that will wave PMI insurance with a 10% down instead of 20%? Fuck the country is in shambles they should give some incentive for property sales..

 

[Not Sure]

I should mention this is a bank owned foreclosure, all the comparables are $125 and up,,,this is a cheap price for the home, I just don't like what I see for closing costs....Maybe try quicken loans?

 

[Not Sure]

if there is indeed a discount for paying that way I will call tomorrow and look into it....definitely worth a call

 

[Not Sure]

I was told the flood and hazard insurance was mandatory for the Lender...this house is on a mountain...if it gets flooded then half of the east coast is gone..

 

[1bad67]

How closing cost could be equal to or more than CA is bs. Youre gettin screwed IMO. Shop around man.

 

[BrutalMetal]

I should mention this is a bank owned foreclosure, all the comparables are $125 and up,,,this is a cheap price for the home, I just don't like what I see for closing costs....Maybe try quicken loans?

Yes I was gonna suggest quicken, maybe since this home is in this state you could see if a HARP is possible if so jump on it like go-go dancer from Rio~~

 

[BrutalMetal]

I was told the flood and hazard insurance was mandatory for the Lender...this house is on a mountain...if it gets flooded then half of the east coast is gone..

If it's not deemed a flood zone by county jurisdiction that's another Bullshit fee.. Who is this lender? A Big known bank?

 

[cepx111]

That's nuts, you should never have to bring that kinda cash to a closing, the last house I purchased ( $127K ) I didn't put down a dime on it and I only had to bring like $750 at closing, I just refi'd the loan last year and they cut me a check for right at $400.

You are fixing to get the screw big time, mortgage lenders are everywhere, shop around.

 

[MrsMermanRacing]

click the image it links to 2 larger imageshack photos... close to $500 appraisal seems high too, I'll dig mine out to compare...

youre right, shouldnt be anymore than $300 for an appraisal!