Closing Cost Questions

grneydgy profile photo

I don't have the break down of all the individual costs, but on my first rental property I am paying $5500 in closing costs on a $148,000 deal.

Sound high to you? I estimated $3000 at the most. Any input would be valued, thanks in advance.

Comments(6)

  • SmileyFace3rd December, 2004

    Is it including escrow and insurance premium? I need to know more info to to tell you what I think.

  • grneydgy3rd December, 2004

    These costs include everything from title and escrow to the 1% origination fee and all prepaids on an 80/10/10 for 1st and 2nd mortgages. I was just hoping I wasn't getting hosed by my mortgage broker.

  • getgoing3rd December, 2004

    It seems to be in the ball park from the info provided...

  • leecuad3rd December, 2004

    Lets see...

    1% origination = 1480
    Wire = 20
    Credit = 18
    Processing = 450
    Underwriting = 500
    Application/Doc Prep = 400
    Pre Paid interest (15 days)= 800
    Escrow = 750
    Title = 950
    Recording = 50
    Notary = 100

    Total = 5518

    Assuming you have no impounds and you paid up frontr for appraisal, I think your right in there....

  • grneydgy3rd December, 2004

    Excellent, that's what I like to hear. My broker has done a fantastic job of getting me dynamite rates... 5.3% on my 1st and 6.5 on my 2nd mortgage.

  • ray_higdon3rd December, 2004

    I think you did quite well
    [addsig]

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