Closing Cost Questions
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.
Is it including escrow and insurance premium? I need to know more info to to tell you what I think.
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.
It seems to be in the ball park from the info provided...
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....
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.
I think you did quite well
[addsig]