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Updated over 9 years ago on . Most recent reply

User Stats

9
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0
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Chad Bixby
  • Federal Business Development Manager
  • Lees Summit, MO
0
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9
Posts

What's the best way to assume a loan with the lowest closing cost

Chad Bixby
  • Federal Business Development Manager
  • Lees Summit, MO
Posted

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!

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