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Updated over 4 years ago on . Most recent reply

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Dan Mil
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$4500 closing costs on a $49k single family?!

Dan Mil
Posted

First time poster so I apologize if I’m posting in the wrong forum. I’m in Ohio. I just found out that the lender I am planning on using for my first rental property purchase (property is also in Ohio but in another county) wants $4500 in closing costs for a purchase price of $49k (I would be putting down 20% so I’d only be borrowing about $39k). That just seems absurdly high to me. I used this mortgage company for my personal home but can’t recall what my closing costs were at that time. I did have to do a rehab loan for the purchase of my home due to it needing a bit of work. But this is just going to be a traditional 30yr mortgage. He also said on a rental property my rate would be anywhere from the mid 4’s to low 5’s. I feel like that is high as well. My credit is over 800. I’m going to look at some other options tomorrow. This all transpired yesterday afternoon (Saturday). Do these figures seem high???

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