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The BACKGROUND:
Just received my good faith estimate from my LO about what my closing costs may be.
I'm attempting to get a house via the USDA Rural Guaranteed Loan Program (although based on Shane's post this morning, I may be SOL already for now)
and have an accepted offer on a house. My inspection is this Sunday. The LO will schedule the USDA appraisal right after it if nothing critical is found in
the inspection.
I'm buying a shortsale but given the crazy ups and downs in the real estate market, hard to be confident that the property will appraise at higher than the accepted offer.
I'm counting on it so that I can finance the closing costs into it. Sellers listed at least $100k above. But I've been reading some books for first time home buyers and one last night was cautionning against excessive/junk fees buried in closing costs that are simply padding the bottom line.
THE QUESTIONS:
I'm looking at $8100 in c.costs on a $195k house.
Which of these are padded (excessively high) or junk?
Processing Fee: 695
Underwriting Fee: 950
Closing/Escrow Fee: 737
Document Preparation Fee: 125
Notary Fee: 150 (actually this I know is about right, just wish my Dad was still a notary)
Title Insurance: 395 (I know this is an important one but is the cost right or should I ask to shop around?)
Loan Tie-In Fee: 195
Title/Escrow Fees PAD: 350 (Looks like this is just artificial pad to create buffer to reduce impact of unexpected higher costs?)
Recording Fees: 109
Also... hazard insurance premium? Is that normally part of the USDA program or mortgages? I don't recall hearing about that before but it's $65/mo.
Thanks
So the other three (of the first 4 I listed) are fine then?
I see from other threads that their numbers were lower for the Underwriting fee too but also isn't document preparation usually a padded fee?