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Peggy Said:

Which of these closing costs, if any, can be rolled into a conventional loan?

We Answered:

All of these costs with exception of the appraisal fee will be paid for with the seller concessions at closing so the only out of pocket upfront cost is $275.00.
On a side note the costs and rate are a little high.

Dianne Said:

Are these reasonable closing costs for a$140,577.00 FHA loan.30 yrs at a 5.875 fix rate.PMI $50 a month.?

We Answered:

Let's see now, alot of these fees are paid to the title company, and not the lender. And the appraisal fee goes to the appraiser, so that's not to the lender either. The FHA upfront MIP goes to FHA, but will be financed into the loan.

So here's what the bank is getting.
$702 + 16 + 19 + 400 = $1,137
and the 400 is probably paid out to another company too, so maybe only $737 goes to the lender.

I think the lender is giving you a really good deal. Ask them if they're licensed in Texas. I'll send them some business. ... And loan officers in San Antonio will tell you that I'm NOT going to allow a lender to take advantage of my buyers.

Courtney Said:

WHAT IS THE AVERAGE CLOSING COST ON $212,500 FHA LOAN IN FLORIDA?

We Answered:

I would say the lender fees seem to be a little excessive.

Appraisal fee and credit report are standard.

BUT the other 3??
Orig fee $1062.50
Processesing Fee $445.00
Admin Fee $895.00
Total $2402.50

I am in Pennsylvania and these type lender fees would run around $1200. If I were you I would get another quote from another lender.

The rest of the Good faith looks ok..BUT is hazard insurance really $2160/year? Here it would run around $600/yr.

Sam Said:

Differences in Good faith Estimate and Loan Docs when I applied?

We Answered:

I'm not a loan wizard, but what you are running into is far too common amongst lenders.

Those are what I call bull sh!t fees, (those more PC call them garbage fees) it is a way for a lender to pad their bottom line. Especially the rate lock in fee. That is total crap. But you say in your question that you committed to the rate lock fee, so that is troublesome.

Many lenders do this bait and switch thing, which is also total crap. At least you found out about it before you hit the closing table.

Overall, your closing costs should be about 3% of the loan amount. Those BS fees and closing costs are negotiable, don't be shy about challenging them.

Good for you that you are checking the closing costs, most home buyers only look at interest rate and lose thousands of dollars in the process.

Vincent Said:

Are my closing costs too high- Nevada?

We Answered:

On a dollar basis, that seems high, but you are taking out a loan of almost a half a million dollars. The relative cost is only about 2%, which is not too bad. I live in the Vegas area and overall, it is competitive.

Not to sound flip, but do you really need that big of a loan? I work in the mortgage industry on a $3 billion dollar portfolio and we often see people who outsize their mortgages. If this is a thirty year fixed then you are probably ok. If this is a ARM loan or an interest only loan, be careful.

Marc Said:

WHAT IS THE AVERAGE CLOSING COST FOR FHA 209,900 LOAN IN FLORIDA?

We Answered:

In most cases 2-3% of the purchase price.

Francisco Said:

Mortgage refinancing advice?

We Answered:

The rate you are getting is really high! It is always good to get more than one quote. Most of the time your closing cost will always be a LOT higher with a broker. I work for Countrywide Home Loans. I would be more than happy to look over your Good Faith Estimate and see if we can bet them also I would be curious to see if I can get you a better rate. I hate to see people like your self robbed. You can reach me @ karrie_ramel@countrywide.com or at the office @ 770 619 2600