How much in closing costs for a $190K loan? (insurance, loan officer, interest rate)

[CoastieTX]

I was just called from my lender and he gave me a good faith estimate over the phone. I'm putting about 35% down, and have excellent credit, and will be borrowing $190K. Closing costs at 5.625% were $6000.

Unfortunately, I don't have the break-down for every item with me right now. But I do know the $6000 closing costs includes everything, such as the prepaid expenses.

In a nutshell, does this seem reasonable and competitive, or should I be doing much better?

[renriq02]

depends on the state...county
your state may have high property taxes, stamps/tax stamps, homeowner insurances, etc

Originally Posted by CoastieTX

I was just called from my lender and he gave me a good faith estimate over the phone. I'm putting about 35% down, and have excellent credit, and will be borrowing $190K. Closing costs at 5.625% were $6000.

Unfortunately, I don't have the break-down for every item with me right now. But I do know the $6000 closing costs includes everything, such as the prepaid expenses.

In a nutshell, does this seem reasonable and competitive, or should I be doing much better?

[Bette]

Florida:
(Seller is paying title) but closing costs are $3850

[CoastieTX]

OK, here's the breakdown:

$190,000 loan
Credit score: High 700s
Putting 100K down on $290K house
Washington State

Loan fees:

$400 Appraisal
$70 Processing
$455 Underwriting
$1,900 Mortgage broker (paying one point)

Title Fees:

$593.40 Settlement/Closing
$424.93 Title Insurance
$75 Misc. Escrow Fees

Total Closing costs: $4,013.35

There is $1,989.59 in prepaid/reserve costs which, to my understanding, will ultimately even out in the end, no matter which lender I go with. Also, the $2000 in earnest money written to the title company will be credited to the whole amount to be paid to the lender upon closing.

Does this look like a fair deal?

[renriq02]

depends on the interest rate/apr....need both of them displayed

title fees shouldnt be included since it will be the same wherever you go

Also, what is the product? 30yr fixed? ARM?

Originally Posted by CoastieTX

OK, here's the breakdown:

$190,000 loan
Credit score: High 700s
Putting 100K down on $290K house
Washington State

Loan fees:

$400 Appraisal
$70 Processing
$455 Underwriting
$1,900 Mortgage broker (paying one point)

Title Fees:

$593.40 Settlement/Closing
$424.93 Title Insurance
$75 Misc. Escrow Fees

Total Closing costs: $4,013.35

There is $1,989.59 in prepaid/reserve costs which, to my understanding, will ultimately even out in the end, no matter which lender I go with. Also, the $2000 in earnest money written to the title company will be credited to the whole amount to be paid to the lender upon closing.

Does this look like a fair deal?

[CoastieTX]

It's a 30 year fixed at 5.625%. The yield spread premium to be paid to the by the lender to the broker is .25%, or $475.

[renriq02]

that's almost par rate...you are getting a good deal.

most brokers typically charge around 2% for a loan, and most banks charge around 3% altogether

Originally Posted by CoastieTX

It's a 30 year fixed at 5.625%. The yield spread premium to be paid to the by the lender to the broker is .25%, or $475.

[CoastieTX]

Thank you for your response. It's always good to have a disinterested third party's opinion. I'll sleep better tonight - honestly.

[renriq02]

shop around...you will see that the loan officer is giving you a pretty good deal.

Originally Posted by CoastieTX

Thank you for your response. It's always good to have a disinterested third party's opinion. I'll sleep better tonight - honestly.

[Bette]

Originally Posted by CoastieTX

It's a 30 year fixed at 5.625%. The yield spread premium to be paid to the by the lender to the broker is .25%, or $475.

You got a good deal!!