also, aside from your downpayment, what are the closing costs?
i'd like to (as a buyer/realtor)see that breakdown (i'm not saying to show me, i'm saying to get explanations). typically it ranges between 2-4K per closing (in ohio), depending on the mtg company and the points they charge, the day of the month you close, etc.
i always checked my buyer's and seller's breakdowns (it's on the HUD you get before closing) and make sure everything makes sense and that all that was agreed on in the contract is reflected ($ for repairs credited to you, closing costs paid by seller for buyer, anything unusual). a lot of times, if your realtor has a relationship with the title company, some of their fees can be haggled down. (for example, courier fees, etc.)
it sounds like you know your mortgage guy, and that's good cause they can really screw you and you, nor your lawyer would have any idea. they can be so crazy about hiding fees places. it's an ugly business. i always tell my clients to get two good faith estimates from two companies, even if one is a friend, just to see and make them compete for your business. the mtg industry is starting to suffer with rising interest rates, so make them fight for your business!
it gets more tricky, but i'd rather not confuse you more than i already have. my number is 312-4900 and email is rsatterfield@gmail dot com, if you want to know something specific as i am babbling...hope it helped more than hurt. xox
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i'd like to (as a buyer/realtor)see that breakdown (i'm not saying to show me, i'm saying to get explanations). typically it ranges between 2-4K per closing (in ohio), depending on the mtg company and the points they charge, the day of the month you close, etc.
i always checked my buyer's and seller's breakdowns (it's on the HUD you get before closing) and make sure everything makes sense and that all that was agreed on in the contract is reflected ($ for repairs credited to you, closing costs paid by seller for buyer, anything unusual). a lot of times, if your realtor has a relationship with the title company, some of their fees can be haggled down. (for example, courier fees, etc.)
it sounds like you know your mortgage guy, and that's good cause they can really screw you and you, nor your lawyer would have any idea. they can be so crazy about hiding fees places. it's an ugly business. i always tell my clients to get two good faith estimates from two companies, even if one is a friend, just to see and make them compete for your business. the mtg industry is starting to suffer with rising interest rates, so make them fight for your business!
it gets more tricky, but i'd rather not confuse you more than i already have. my number is 312-4900 and email is rsatterfield@gmail dot com, if you want to know something specific as i am babbling...hope it helped more than hurt. xox