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jesse12508 | Real estate question???please help? |
is 7500.00 alot for closing fees for a condo woth about 145,000.00.the mortgage guy explained where each fee comes from but i kinda forgot,im getting the mortage from a federal credit union.should i shop around for another mortgage.he claims the best thing for me to do is include closing fees into mortgage,then the cash i was going to pay closings with,now becomes a 5% down payment on the mortgage,is this the best way to proceed? |
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financing_loans
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That seems extremely high.
1450 1% origination fee
395 Processing fee
690 Lenders fees
1200 Title fees
Im at 3735 for your loan (thats what I would have charged). You might have a few hundered more for reserves but if its a refinance it should have rolled over. |
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Brandon
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It's defiantly a lot. You should shop around for a better deal. And remember, if you incorporate your closing cost into your mortgage, you'll be paying interest on that money for the rest of the life of the loan. Always go with a mortgage broker that you know or one thats been recommended by a trusted source.
Your closing fee shouldn't be more than .03% of the money that you're borrowing. (Not more than $4300) |
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tidww
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The closing costs could include points to lower the interest rate. If it does you have to decide how long you plan on living there. If it's forever then pay the points, if only a year or so, take a higher interest rate. And of course shop around. Make sure the mortgage you have is right for you. If it's variable rate don't go there unless you plan on moving in a couple of years. |
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Pure Genius
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yeah that sounds like a lot you need to find a home where the seller covers the closing costs, its cheaper for you and lots of sellers offer that as a perk, found some great home buying information with buyers tips and stuff hope it helps
http://www.beachcitiesrealestateonline.com/PageManager/Default.aspx/PageID=2039552 |
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arimarismacon
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First question - yes 7,500 is fairly normal for closing fees on a 145,000 purchase.
Second question - You should shop around before even entering a contract to purchase. Since it sounds like you already are in a contract then you are better off sticking with the loan you have.
Third question - It sounds like the plan suggested is the best course of action. The net cost to you is 0 so it is not a big deal how the cash is applied and how the loan is drawn up. |
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ron d
 |
it may average about the same...
most credit union only deal with A paper credit.
ask him to give you a GFE on both ways, check the bottom line. |
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threedblack
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Get educated! The worst thing you can do is roll over and settle for the information your Loan Officer is telling you as the best information you can get. Remember, he gets paid when you buy th mortgage he's selling you.
Here are a few things you should look up on 'Google' or whatever you use and become familiar with:
- Yield Spread
- Points
- APR
- Pre-Payment Penalty
- Junk Fees
There are so many factors that come into play with a mortgage, like term(length), interest only, adjustable rate, etc.
How long to you plan to keep the condo? Are you living in it or is it an investment? Where is it located? These are all things that you should have decided before agreeing to purchase the condo because they all can play a role in your financing(mortgage).
My advice is do your research, don't only take advice from the people who will receive a paycheck from you buying that property(realtor, condo sales person, loan officer, ec.) these people have their commissions in their best interest. Maybe research some Real Estate Investment Clubs in your area and ask a seasoned Real Estate Investor what he would do (stay away from the rookie who thinks he knows it all).
Be careful who you take advice from, especially about finances; look at the person giving you the advice, ask` yourself "Does this person have more money and wealth than I do, or do they live a lifestyle I would like to also live, when I am their age do I want to be where they are at, Do I respect this person?" If you answered 'NO' then why would you take advice from that person? |
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granny_sp
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The closing cost comparable to my home purchase. Keep in mind I have not read what you are paying for.
It is neither here nor their to pay down payment and roll closing cost in mortgage but I would assume it looks better to that you paid a down payments. What matters is can you still make the payment.
Once you reach the 20% you don't have to pay the hazard insurance that only benefits the banks.
Did you get the fixed rate? If not you will be looking for another mortgage if rates go up. This makes your future financial stability shaky. A fixed rate you can still refinance if interest rates drop. But it interest rates go up your payment will go up with a variable. |
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keryne
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Is this based on the good faith estimate? MY GFE was $8500 in closing costs on a $250,000 condo style townhome. I got the seller to agree to covering $6500 in closing costs, and my $2500 earnest money deposit was covering the remainder. I am one week from closing so I locked my interest rate. My closing costs are now $4100 plus my $2500 in earnest money, so I will get money back at closing. Additionally, the balance of the seller's subsidy is going toward my first year condo fee. My mortgage specialist told me that the GFE is the worst case scenario. Most times the closing costs are lower. Your GFE should detail each piece of the $7500. I shopped around but went with a major lender- Bank of America. So far everything has not been as expensive as I had expected. Hope this helps, and best of luck on your home purchase. |
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Jeffrey K
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condo? ew gross. |
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