$12,400 closing costs for $129,900 property?

[Ethan Kramer]

I'm currently under contract for a turn-key investment property in Baltimore City that is valued at $129,900. I just received the documents from my lender showing total estimated closing costs of $12,400, making the estimated cash to close $38,400. I am putting down 20%.

$8,200 closing costs

$3,600 prepaids

The interest rate is 5%, almost $4,000 origination charges. I feel like it is too much? Should I look for another lender?

[Marcos Torres]

holy hell. Rate is crazy high as well as those costs. shop around. try credit unions