9k on 300k loan is not crazy. Most CCs are based on a percentage and the higher loan the higher CCs. I would however get a good faith estimate from a few different lenders not just one. You may find that someone else is lower. Just be careful because some lenders make CCs low but add it in your interest rate, good luck.
Three percent of the purchase price is consistent with my experience, except in MD where we have pretty high transfer and recording fees that push the total closing cost to around 5% or higher depending upon the county.
Hi, I would tell you that the fact of the mater is that 3% is right on the money(in terms of fees! but if you paid 9K in closing costs and the intrest rate that you were given is well over your par rate, then the broker that you are working with could have made another 2%-5% from the bank. While that does not cost you an actual dollar amount at the closing table, the fact of the matter is that if you are paying 1-2 percentage points higher then you deserv, it could cost you many thousand of dollars in extra intrest over the life of the loan.
9k on 300k loan is not crazy. Most CCs are based on a percentage and the higher loan the higher CCs. I would however get a good faith estimate from a few different lenders not just one. You may find that someone else is lower. Just be careful because some lenders make CCs low but add it in your interest rate, good luck.
Three percent of the purchase price is consistent with my experience, except in MD where we have pretty high transfer and recording fees that push the total closing cost to around 5% or higher depending upon the county.
Hi, I would tell you that the fact of the mater is that 3% is right on the money(in terms of fees! but if you paid 9K in closing costs and the intrest rate that you were given is well over your par rate, then the broker that you are working with could have made another 2%-5% from the bank. While that does not cost you an actual dollar amount at the closing table, the fact of the matter is that if you are paying 1-2 percentage points higher then you deserv, it could cost you many thousand of dollars in extra intrest over the life of the loan.
Brenda, what happened?
[ Edited by kmac57 on Date 09/08/2005 ]