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Updated about 5 years ago on . Most recent reply

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Zachary Schimenz
63
Votes |
45
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Is this loan a good deal, or a rip off?

Zachary Schimenz
Posted

I just got pre-approved for a conventional loan through a lender recommended to me by a Turnkey company. Wanted to make sure it's a good deal -this is my first house:

Loan for a $100,000 to $200,000 house with 20% down
30 Year Fixed Rate Loan
4.375% - 4.875% with no points being charge
Lender fee: $1194.00

In the email he also said " There will also be 3rd party fees that will be charged. They will also vary depending on the state and sales price. I would be safe to go with another $1,500 - $2,000." Are these just normal closing costs fees?

I have good credit (780) and am buying an investment property (single family house) in the midwest/south region of the United States

Thanks and let me know if you have an opinion on this!

Most Popular Reply

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404
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542
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Corey Hawkinson
  • Rental Property Investor
  • Bloomington, MN
542
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404
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Corey Hawkinson
  • Rental Property Investor
  • Bloomington, MN
Replied

@Zachary Schimenz The third party fees are normal. For example, Minnesota has a Mortgage Registration Tax.

Those are pretty good terms.

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