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Are these reasonable closing costs?

I went to the bank yesterday and we qualified for a 3.9% 30 year fixed mortgage for a property we're considering buying for $1.1 million with 35% down payment.

However, the closing costs came out to be $50,000.  This includes a 1% mansion tax for property above $1 million.  Does this seem reasonable?  Some of the fees included : origination fee, document fee, title insurance fee, application fee, stamp taxes, etc....Is there any way for us to negotiate/waive the fees?
  • April 11 2012 - Bensonhurst
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Answers (4)

Profile picture for Chris Corica
I would like to see a fee estimate worksheet to determine where all the money is going. Feel free to contact me through my profile for a no cost, no obligation consultation.
  • April 11 2012
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If you can find a way to negotiate the mansion tax and mortgage/stamp taxes I think we'd all like to hear about it.

There are a lot of title insurance issuers out there; just as you shopped for a mortgage you would I assume have been shopping for title insurance. Your attorney may have a preference but you're not bound to it.
  • April 11 2012
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What state are you located in?  That seems REALLY high with 35% down!!!  Look at the document called "details of transaction".  that will give you a complete breakdown.  Feel free to contact me is you need help understanding why and how it works.
  • April 11 2012
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No.  $50,000 in closing costs doesn't sound at all reasonable.  There's not anything you can likely do about the transfer stamps and the mansion tax, short of getting them to sell it to you for $999,999.99, but there is almost certainly something you can do about the other $35,000 or so in costs.   You should definitely shop this to another lender.   Feel free to get in contact with me if you'd like me to take a look at it. 
  • April 11 2012
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