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Mortgage Loan Fees and Closing Cost.

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Anonymous
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Mortgage Loan Fees and Closing Cost.

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.

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1 REPLY 1
germaine47
Frequent Contributor

Re: Mortgage Loan Fees and Closing Cost.

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.

 

  1.   I have to pay 15 months of Home Owners Insurance up front which is  $1212
  2.  Appraisal $400
  3.   Attorneys Fee $450

 

That is some of the cost just off the top of my head I didnt know that it could be so expensive.

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
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