Typical Costs For Closing, What Are They?
I was looking at a property which was 165k and had a lender who had an investor loan @10% down. He quoted to me that the total cost for closing including the 10% down would cost 30k. Is that reasonable? He was also going to set up for me an Equity line of credit included in that 30k. I haven't caled him back yet but that amount just seems rather high to me.
Sounds quite high to me. I just purchased a $90k and $103K properties. The cc on the 90 was like $4700 including prepays for ins. and everything and on the 103 the cc was like $4900. I'm in Louisiana but I don't think there should be that big of a difference. I try another lender, don't get them to pull your credit I would just ask tell them that your shopping around and want to know what their cc would be on a $165k property. They should be willing to tell you to hope to get your business. Just my suggestion
That is way high. That is $13,500 in fees. I recomend that you shop around.
It sounds very high. Have him e-mail you good faith estimate, so you can see why he is charging that much.
Maybe there is a typo in what you received, this is WAY too high!
Eric & Rosa
[addsig]
I wish it were a typo, he left the message on my voicemail.
Thanks all, I'll shop around.