Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago,

User Stats

18
Posts
5
Votes
Everest Jordan
  • Rental Property Investor
  • MD, 20878
5
Votes |
18
Posts

Closing cost sticker shock !! - $14k , this is real?

Everest Jordan
  • Rental Property Investor
  • MD, 20878
Posted

So I was given these numbers by my lender that set me up with my pre-approval letter:

Purchase Price - 350k

Down payment - 5% = $17.5k

Closing cost = $14k

Location of unit - Montgomery County, MD (zip 20874)

Is $14k closing cost in this location normal? It seems a bit too excessive. 

@Brandon Turner in all his webcasts usually only puts $3k towards this expense and I has expecting mine to come in the same ball park. Should I look for another lender, or is this the norm? I was totally not expecting to be paying so much in closing for a unit at this price point.

My credit score is very good, not sure if that is a factor in the calculations.

Would appreciate some words of wisdom and direction from seasoned REIs.

Loading replies...