Are these closing costs too high?

[JR Rivas]

Hello, 

I am looking to close on my first property and I just got the paperwork to sign from the lender & the closing costs are about 10% of purchase price(not loan amount). 

I know typically the closing costs are a lot lower. 

What do guys think?

Purchase price: 80k

Loan amount: 60k

Total closing costs: $8,599

[George C.]

@JR Rivas Looks like you are getting "fee'd" to death in my opinion. Example, you are paying lender points + processing fees + underwriting fees, lenders I work with just charge the points as the fee for their service and not these bolt ons on top. There are a bunch of other fees in there that I don't typically see with the deals I do as well. Depending upon the state you are in you will see certain recording taxes and transfer taxes and these can be pretty standard. The hazard insurance and property taxes are fairly standard as well. I'd suggest doing a little comparison shopping with other lenders and ask specifically about these fees listed here and if those lenders have the same costs.  I do think you could do better with another lender.