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Updated over 6 years ago,

User Stats

264
Posts
139
Votes
Jeremy England
  • Contractor
  • Pensacola, FL
139
Votes |
264
Posts

buying costs excessive?

Jeremy England
  • Contractor
  • Pensacola, FL
Posted

I'm calculating costs on a potential deal and got a loan estimate from a conventional lender.  It seems the buying costs are way excessive to me.  What do you think?

loan amount: 80000

Origination charges:

3pct points: 2400

processing fee: 850

underwriting: 300

Services you cannot shop for:

appraisal: 510

credit montoring service: 7

credit report: 15

flood determination: 11

flood life of loan: 5

life of loan tax service: 55

tax certification fee: 18

services you can shop for:

title search: 225

lenders title policy: 531

closing fee: 550

title survey: 400

title examination fee: 150

taxes and prepaids: 

recording fee: 207

transfer taxes: 1107

Home owner's insurance: 1740

property tax: 257

Optional:

title owner's policy: 140

total: 10059

So 10000 bucks on an 80000 loan?  wth?

Seems excessive to me.  what can I cut from this by shopping around?  Are these costs what other investors are seeing?  

This is a 20 pct down loan btw.  So I'd be paying 100k for the property.  

I have everything as far as financials too.  Monthly income, excellent credit, plenty of cash reserves.  Work history.  

I could go pull my last hud1 statement from a couple years ago in the same county but that was for a personal residence and much higher loan amount.  

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