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Well, over $6,000 of it is just prepaying escrow and interest. So those aren't really wasted costs.
The ridiculous part is Maryland charging you 13K on a $574K for transfer taxes. That's well over 2% ! I knew MD had higher income taxes than over here in Virginia, but I didn't realize how steep these were. I haven't heard anything about TT's being lower for 1st time buyers, but that could be a MD thing I'm unfamiliar with. Either way, come over to VA here and pay about $3,500 instead of $13,000 =)
Also, an origination charge of $5,450 for only 3.75% seems pretty steep. Do you have bad credit or DTI ?
This GFE was developed back in early June when rates were averaging 3.75%. A week after this GFE was developed was when rates really started to drop to below 3.5%. In any case, the Loan Officer told me that this rate can and should change based on market condition as we get closer to closing in Nov/Dec. Anyway, our average credit score is 780 (810 and 760), putting down 20%, salaries in the $180s with verifiable assets to cover the enough loan amount.
But, yeah, I was beyond shocked at the transfer tax amount too.
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