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Updated over 9 years ago,
What's the best way to assume a loan with the lowest closing cost
We have a home that we are pre-qualified with the bank to purchase. The loan is a 30 Year Conventional/Rehab loan which is requiring 15% down with an interest rate of 5.6% (which imo seems pretty reasonable). The problem I am having is in the closing costs to assume the loan which according to the closing documentation is around $5000 (which to me seems extremely high). There are a lot of what I will call "strange" fee's associated with this loan that is making the closing costs pretty high (and for all I know may be typical for this type of loan).
My questions are:
#1 Are the standard closing costs for a loan like this typically this high? And...
#2 Are there other lending options out there for me that would lessen the "closing cost" blow?
Thanks in advance!