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Updated almost 7 years ago on . Most recent reply

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224
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Ryan Moore
  • Rental Property Investor
  • Phoenix, AZ
50
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224
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How to compare closing cost w/ different lenders

Ryan Moore
  • Rental Property Investor
  • Phoenix, AZ
Posted

So with refinancing my rental, I'm finding it easy to compare the simple stuff: rate, points, ltv.  Next level stuff for me will be the closing cost.  Some lenders have provided me a complete list (see image below).  In that example, is that straight up all the cost I would be looking at? Or are the hidden cost/fees that I should be looking for?  Should I just be asking all the lenders I'm getting quotes from to give me a complete closing cost list, and that way I'll have all the info?

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Account Closed
  • Specialist
  • Paradise Valley, AZ
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Account Closed
  • Specialist
  • Paradise Valley, AZ
Replied
Originally posted by @Ryan Moore:

So with refinancing my rental, I'm finding it easy to compare the simple stuff: rate, points, ltv.  Next level stuff for me will be the closing cost.  Some lenders have provided me a complete list (see image below).  In that example, is that straight up all the cost I would be looking at? Or are the hidden cost/fees that I should be looking for?  Should I just be asking all the lenders I'm getting quotes from to give me a complete closing cost list, and that way I'll have all the info?

When I was a loan officer we had to provide an estimate of closing costs and if they varied between the time of quoting and the time of closing we had to account for the differences. I'm sure the laws are far more restrictive on that now than when I was doing loans. Look out for "Junk Fees". You can ask to see a preliminary HUD to see what the bottom line is. If you are familiar with a HUD (It is a closing statement, they have a new name for it now, so just ask for the closing statement estimate) I don't use banks or mortgage lenders since I only do Subject To and Wraps, but I seem to recall hearing that fees are highly regulated and have to be disclosed prior to closing. It makes sense, because loan officers can have a loan "blow up" if there are add-on fees that make the borrower mistrust them.

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