This may me OT but here goes. I am about to buy a fixer upper and plan on then getting a mortgage and renting it out. What are average closing costs on say a $15,000 mortgage in MI?
I think they are pretty standard for residential across the country, but I may be wrong (in that case I would like to know too). At any rate, in CA we estimate about 10% of the sale price, between the REAs 5-6% plus additional closing costs.
How many lenders will write a new mortgage for 15K? I would expect they have a minimum and 15K is too low for most is my guess.
BTW - If the fees are about 1% when the loan is 150K, I would expect they will be a much higher % when the loan is 15K as a number of the fees are fixed amounts related to recording, appraisal, title insurance & search, etc.
Nick,
I think they are pretty standard for residential across the country, but I may be wrong (in that case I would like to know too). At any rate, in CA we estimate about 10% of the sale price, between the REAs 5-6% plus additional closing costs.
HTH,
Robert
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Do you mean the REAs cost is 5 to 6 above the ten percent?
thanks
Nick
New question but related.
How many lenders will write a new mortgage for 15K? I would expect they have a minimum and 15K is too low for most is my guess.
BTW - If the fees are about 1% when the loan is 150K, I would expect they will be a much higher % when the loan is 15K as a number of the fees are fixed amounts related to recording, appraisal, title insurance & search, etc.
John
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