Closing Costs?

[Blackfield]

16K?? Wow..

I am shopping around for a loan, several lenders gave me the GFE that has $2K-$3K for the closing costs. I ask for 0 discount point and whatever other points. It excludes any tax and home insurance escrow.

Maybe, your GFE contains discount points, tax & insurance escrow, etc, but, it still seems way too high. Definitely shop around and compare the GFE.

Now, I start to wonder if there is hidden cost that I am not aware of as I am a first time home buyer.

[hound 109]

Nowhere near enough info here to offer an opinion.

- Don't know if part of the closing costs were for FHA mtg. premiums.
- Don't know if part of the closing costs were for PMI mtg. premiums.
- Don't know how much of the closing costs were for tax & insurance escrow (not to be confused with the term "escrow" that other parts of the country use). This number alone could add 7-12K to the "costs".
- Don't know if part of the closing costs are for the famous "discount points".
- Don't know if part of the closing costs are for one year's paid hazard insurance.

I don't have near enough info to offer an opinion.....& amazed that so many have offered opinions with so little info to to go on.

(Except that 1.5% in discount points should get you a 4.125% )

[centralaustinite]

Originally Posted by hound 109

(Except that 1.5% in discount points should get you a 4.125% )

Ha! Exactly right if I was applying today. But I applied in FEBRUARY and that was the best deal then . . . I am not happy with bank I refi'ed with, the processor had all our material in the middle of MARCH.

Anyway, it is done.

I did shop that loan and no matter what I did (including paying less points) the closing costs always came out around $7K

[txgolfer130]

Originally Posted by hound 109

Nowhere near enough info here to offer an opinion.

- Don't know if part of the closing costs were for FHA mtg. premiums.
- Don't know if part of the closing costs were for PMI mtg. premiums.
- Don't know how much of the closing costs were for tax & insurance escrow (not to be confused with the term "escrow" that other parts of the country use). This number alone could add 7-12K to the "costs".
- Don't know if part of the closing costs are for the famous "discount points".
- Don't know if part of the closing costs are for one year's paid hazard insurance.

I don't have near enough info to offer an opinion.....& amazed that so many have offered opinions with so little info to to go on.

(Except that 1.5% in discount points should get you a 4.125% )

Well I don't know what info you really need. It's a conforming loan, as she clearly states she's putting 20% down, and wants to know a ball park figure for closing costs including escrows.

Including escrows and putting 20% down, you should not be seeing $16k on your GFE. At $250k, escrowing your closing costs will approx. be in the $10-12k range including homeowners insurance etc., not including points or any other broker fee's.

[Hunny15602]

Originally Posted by txgolfer130

Well I don't know what info you really need. It's a conforming loan, as she clearly states she's putting 20% down, and wants to know a ball park figure for closing costs including escrows.

Including escrows and putting 20% down, you should not be seeing $16k on your GFE. At $250k, escrowing your closing costs will approx. be in the $10-12k range including homeowners insurance etc., not including points or any other broker fee's.

Thank you kindly for providing this information. This sounds more in line with what I was expecting, and I'm giving some serious consideration to not escrowing anything. In the past, the incentive to do so was an additional discount off the rate, but unless they make the same offer this time around, I may just decide to escrow T&I myself - I already do this for some of my mortgages, so it's not that big of a deal.

Getting excited now - hubby's interview was confirmed for the 1st week in June, and all the information we are getting are leading us to beleive that this is just a dog and pony show for HR's benefit. I don't want to jinx it, but after dreaming for so about this, its exciting to think that we are sooo close!!

Anyone wanna buy a nice townhouse in the Hudson Valley Region of NY????