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Purchase agreement: The builder "added in" the closing costs to the price of the home. This increased the cost by $5000.
Loan application: Closing costs are listed on the "estimated closing costs" line.
Why are closing costs added twice?
Second question: Why is their a loan origination fee and a lender fee?
Please help me out someone....quickly.....because something feels wrong here.
@Beasley12 wrote:Purchase agreement: The builder "added in" the closing costs to the price of the home. This increased the cost by $5000.
Loan application: Closing costs are listed on the "estimated closing costs" line.
Why are closing costs added twice?
Second question: Why is their a loan origination fee and a lender fee?
Please help me out someone....quickly.....because something feels wrong here.
the closing costs are shown and then they issue a blanket credit for them.
the credit should show on the paperwork.
2nd question. fees are fees. they can be called whatever. if they are high, then you should be getting a great rate. if they are low, then some are likely covered by a higher rate.
some people like to talk about junk fees. well, that really isn't what they are. lender has a set fee(named many things) that they want to do the loan. it is usually competitive with the market. if they exclude any fees, they cover them with a higher rate.
you need to have another lender see your gfe and explain in detail.....
Depending on the location closing costs can be reatty high. In Chicago area closing costs are 5-6K for a $200,000 loan. We are building a home and our closing costs will be close to 7K when you factor in escrow acc deposit ,HOA reserve etc.