I have a 640 credit score. I have 5% down. The condo is 55k and it has a termite bond and is in amazing condition. What kind of fees do you think I will have? One mortgage broker told me 3k in fees! What the heck??? Theres no real estate agents involved. How much do yall think my fees should be and intrest? Thanks!
2007-02-22 07:21:46 · 4 answers · asked by hopes2graduate 1 in Business & Finance ➔ Renting & Real Estate
Sounds about right. Typically, you need about 3-5% for closing costs. You will pay a lender/broker fee of 1-2%, and teh erst will go to escrow fees (aboput $300-$500), title recording fees, prorated taxes and other lender costs.
The buyer does not pay for teh agents commissions. These are usualy deducted from the seller's proceeds of sale.
2007-02-22 07:44:04 · answer #1 · answered by boston857 5 · 0⤊ 0⤋
$3,000 is not out of line. The costs involved will include an appraisal ($300-400), title insurance ($900), recording fees (less than $100), escrow fees (several hundred dollars), PMI (don't know the cost), and possibly points to the lender ($500 per point), plus various nuisance charges for document delivery and the like. Get more than one lender to quote. I use MLCC, the real estate lending arm of Merrill Lynch (www.mlcc.com).
2007-02-22 07:33:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sounds about right.
By the way, where can you buy a condo for 55k now a days?
I would love to know
2007-02-22 09:48:05 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
I used these guys and there closing costs were $1620.00 I check out a couple more and they were a lot higher. This company did a great job and knew what they were talking about
2007-02-22 08:49:36 · answer #4 · answered by beerguy 1 · 0⤊ 0⤋