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Hi,
A home that I want to purchase has agreed to accept my offer of $195,000 and I pay closing cost, this is a multi bid traditional sale. Going over my fees on closing cost and mortgage loan fees I was told that the closing cost would be around $2,600 and mortgage fees around $4,000. I wanted to know if this was not an over charge or "rip off" deal. My credit score is between 750-800. I don't know what interest rate I will be locked in at but I heard it was some where around 4-5%.
If anyone could please fill me in to what to expect that would be great.
Many Thanks.
I am in UW and under my GFE for closing cost is 5900 for a 119,500 loan. I will give you a break down of the exact charges a little later, but the more the house cost the more the closing cost. I wished the Sellers could of payed for some of your Closing Cost. On the March 1st when I lost my first house my rate was 3.875% and now on the 2nd house my rate has risen to 4% 04/05/2012. My MB said the interest rates are slowly rising and she isnt sure if they will go back down, maybe after spring break.
That is some of the cost just off the top of my head I didnt know that it could be so expensive.