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Answers (6)
- Chris Hacker, "thelendingcoach"
- Contributions:130
All good answers, be sure to check to make sure you are not looking at "total settlement charges" as that's not all closing costs. On the HUD, that includes interest, escrow, paying insurance up front etc...those things will be the same no matter where you go.
- George Raymondo, "The Loanranger"
- Contributions:144
All these answers are great! I have found the biggest determining factor is like "Wetdawgs" states if the loan amount. Closing costs are not proportional as you would think. For example when a seller pays 3% for closing costs on a $375,000.00, that covers a lot. But on a $75,000.00 purchase, that only covers about half the actual costs. Many things go into factoring what your closing costs are. I do believe now you should find it pretty straight forward with the new Loan Officer Compensation. We're all pretty close now, more than ever before. There are those internet loan companies that claim to be able to beat anyone. But I have found that when something is extremely inexpensive, generally the consumer will pay the price either in poor service or even worse. If you feel that your closing costs are not in line, talk to your loan officer. That's our job to help you understand what the costs are and why they are what they are.
Best of Luck!
Best of Luck!
- Carl Ashton, "Carl Ashton"
- Contributions:86
Please take a look at this hud closing cost video HERE
I would say that in general closing costs run 3-7 % of the loan in most cases.
Reason like Thomas stated is that each situation is different and each area is also.
Such as in florida we have taxes of .0035 and .0022 on a financed home purchace and reserves for ins, flood, title policy, owners title policy, title co or attorneys fees ect.......these can add up quickly
I suggest getting a zillow quote to see if you are competitive with your current lender on these costs.
I would say that in general closing costs run 3-7 % of the loan in most cases.
Reason like Thomas stated is that each situation is different and each area is also.
Such as in florida we have taxes of .0035 and .0022 on a financed home purchace and reserves for ins, flood, title policy, owners title policy, title co or attorneys fees ect.......these can add up quickly
I suggest getting a zillow quote to see if you are competitive with your current lender on these costs.
- Thomas Hall, "Tennessee Loans"
- Contributions:381
Is this a purchase or refinance? What state? Each state has their own set of transfer tax costs some are higher than others? Does the $6780 include pre-paids (i.e. insurance and tax escrows)? Are you buying down the rate any, is there a discount cost reflected (what is the loan program and rate)?
Closing costs can be broken down in three general categories (lender fees/origination costs, title/closing attorney costs, and state transfer taxes/govt recording fees.) Generally the only costs the lenders have control over are the lender fees/origination costs. The closing and title insurance costs vary from different regions of the country. I've seen closing attorney's charge up to $700 in the DC area and $350-$450 in our area. The transfer taxes are specific to different area as well
Closing costs can be broken down in three general categories (lender fees/origination costs, title/closing attorney costs, and state transfer taxes/govt recording fees.) Generally the only costs the lenders have control over are the lender fees/origination costs. The closing and title insurance costs vary from different regions of the country. I've seen closing attorney's charge up to $700 in the DC area and $350-$450 in our area. The transfer taxes are specific to different area as well
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
We would need details besides mortgage amount and value of property type of loan, type of property, and whether the property is owner occupied or not might all matter as well.
- wetdawgs
- Contributions:26854
It depends on the price of the property and the size of the mortgage.
is $6,780.oo dollers to much for closing cost?
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