closing costs?
I feel like I am getting screwd on my home loan Closing costs are $5700.00. I am only financing $122500.00 I am confused why are they so high? I asked broker it seems legit but I have no idea if it really is. Goof faith estimete is greek to me
Good faith estimate is just that ,an estimate. Many of those fees are where mortgage companies make their money. Walk away from the deal if you think they are too high. How much do you have invested? A couple hundred in app fees? Also property taxes are included in closing costs. This about the time the come due so maybe that’s part of it. Have your mortgage person sit down with you and explain. Dont be embarrassed, remember it’s your money!
The good faith estimate is just an estimate of costs. You could contact a local title company to determine costs of tax disbursements, title insurance etc… Contact a local appraiser to see what the going rate is for appraisals. Your local registrar of Deeds can tell you the filing fee costs. The only thing left will be the broker’s fee, flood cert, and loan submission fees.
If the numbers seem high, select another lender.
It sounds like you are paying points. You should be getting a really good interest rate. If you are getting high interest rate AND paying points then you should reconsider.