Why is my closing cost so much 11,000?

Question

WHAT IS THE TIME FRAME SHOULD I KNOW WHAT MY CLOSING COST WILL BE? WHAT IF I NEVER RECIEVED A GOOD FAITH EST BEFORE CLOSING

Answer 1

$11,000 is a lot for closing costs, except if that number also includes paying realtors. If you are the seller of a $170,000 property your realtor fees will probably be about $10,000 so take that into consideration.

Answer 2

If you went to a Mtg company for the loan, there is your first problem. Tell them you will not close until you receive a copy of the good fairth est. Also look at all the fees they are charging you recording fee $200, they pay $20. Courier fee $150 they pay $20 and the list goes on, transfer fees, all of this is craps fees. I have even see where they tack on an extra $200 on the appraisal fees. All of this goes into their pocket. Don't close until you go over every fee and they have to tell you (Federal Law) Truth in lending act (TILA). If they don't walk away and find another lender.

Answer 3

A GFE ( good faith estimate ) needs to be singed by a borrower before they can close. don't go to a closing without signing it. closing cost sometimes cost so much because the broker is greedy and is charging you points under the name loan origination fee or broker fee. The YSP or yield spread premium is what the bank pays them. the more you pay the lower your rate is, the more the bank pays the broker the higher your rate goes.

Answer 4

if I did not receive a good faith estimate three days in advance, I'd seriously consider not showing up for the 'closing'.

Instead, I'd call the closing outfit the day before and tell them to fax copies of the completed paperwork to me so that my attorney can look at them. And, incidently, we're not closing tomorrow ... I'll call you when my attorney says we're ready.


{btw .. please use lower cap letters -- they are a lot easier to read.}

Answer 5

You're getting screwed. You should have had to sign somehting agreeing to the closing costs though. I'd definitely think twice about this.