Zillow Advice: Buying Process - Help on closing costs

Is this a refinance or a ...

Wed, 18 Feb 2009 14:28:00 GMT

Is this a refinance or a purchase?

Thank you for the answers ...

Wed, 18 Feb 2009 09:04:00 GMT

Thank you for the answers . The rate offered was 5.375 after charging a point.

Not sure where I got 5.5% ...

Wed, 18 Feb 2009 08:57:00 GMT

Not sure where I got 5.5% from, maybe my brain was working overtime. So, it depends on your rate. At 5% it's a good deal, and becoming less of a good deal as you move up the scale.

Hope that helps.

Just looking at these line ...

Wed, 18 Feb 2009 08:49:00 GMT

Just looking at these line 800 fees and ignoring the rest because they will be whatever they are:

550 K FHA Loan With 3.5 % down.
Standard

Processing Fee    $695
Appropriate

Credit Report    $15
Appropriate

Appraisal     $400
Appropriate

Points 1%     $4909
Excessive (in my opinion) at 5.5% as of the date and time of this posting.

Tax Service     $74
Appropriate

Under Writing     $650
Appropriate

Flood Cert    $16.00
Appropriate

Wire Fee    $45.00
Appropriate

Bottom line. There is nothing outrageous about this loan and you are not being ripped off, but if you are not locked and you have time to close, you could probably save a few thousand dollars in fees. Have you placed a loan request here on Zillow?