Yikes! Closing costs = 5% of purchase price

[Randy Sherer]

I was pre-approved through a lender for a 10% down 2nd home mortgage about a month ago.  Yesterday when I put an offer on a cabin, I was told the interest rates changed from 3.5% to 4.125%, and closing costs went from 2% of purchase price to 5%.  That is a significant jump!  Is anyone else experiencing this?

Also, if anyone has a recommendation for a lender in the Smokey Mountains of Tennessee I’m all ears!