Closing costs... yikes! (mortgage, credit, attorney)

[kgurl7900]

I just received my good faith estimate and the closing costs are ridiculous!! I am not used to the closing costs in GA but I find it pretty high compared to TX.

I mean I can understand the appraisal fees, attorney fees but is it really necessary for other fees such as admin fee, processing fee, ga pre loan fee? Why is it that tax certificate fee so high? I wouldn't say anything but it's a HUGE difference. Why doesn't the attorney fees cover the title search?

I was able to waive closing fees (origination, admin, processing) when I purchased a home in Austin in 2006 through the lender. Is it possible in GA?

[Go Blue 99]

Shop around with other lenders. We are going with B of A's No Fee Mortgage Program. There are no closing costs, except those required by law. The rate is a little higher than typical, but you can run a break-even analysis to see if it's a good option for your situation.
We are only putting down 5%, so being able to get a 95% loan with no PMI was important to us.

[goozer]

I did a similar think on a refi with BoA several years ago. Interest rates had dropped a couple of percentage points and I was able to do a no fee refinance that (despite the slightly higher than prime rate on the no fee) allowed me to drop my interest rate by 2% and not pay a cent. A great experience.

[Noc]

Hmm I need to check out BoA myself to lower my rates to todays rates and little to no closing fees.

Thanks for the reassurance with BoA!

[spacelord75]

Why not just have the seller pay closing costs? When we bought last year I got $8k towards all closing and prepaid costs.

[rainking1978]

Have the seller pay 3% of the sale price towards the closing cost.

[ckws]

Def ask for concessions towards closing - we got a good amt from our seller.
We are using Schwab and their closing costs are negligable. Everything else is "standard", except the 800 line items (I believe....). This is our second purchase with schwab and I can't recommend them enough.

[kagmypts]

Originally Posted by spacelord75

Why not just have the seller pay closing costs? When we bought last year I got $8k towards all closing and prepaid costs.

Because if the seller is kicking in $8K towards closing and prepaid costs, you are paying $8K more for the price of the home.

[staywarm2]

The title search you are paying for is to protect the BANK only. You need your own personal title search to be safe. About $2 per thousand of purchse price.

[Wonderfully Made]

Wow! I never considered this before. I'm hoping to purchase a house next year, but I haven't done any of my homework yet (still trying to get my credit where I want it). Thanks for the heads-up!