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Updated almost 6 years ago,

User Stats

356
Posts
311
Votes
Allen L.
  • Rental Property Investor
  • Chicago and mainly invests in KS remotely
311
Votes |
356
Posts

4.6K closing cost (excl. prepaid) on 62.5K property, seem high?

Allen L.
  • Rental Property Investor
  • Chicago and mainly invests in KS remotely
Posted

Hi guys,

I got an initial disclosure from a lender for a loan on a 62.5K property. The terms are 30 yr fixed 5.375%.

Here is the snapshot of the closing costs excluding prepaids/escrow.

I confirmed with the lender that the appraisal fee is $700 (400 appraisal + 300 rent schedule). Other than that.. it seems high even ignoring the loan discount points. I was expecting maybe 2K closing on a 62.5K property. Which of these items do you think is out of normal range for this property?

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