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Excessive Closing Costs? 18,000 x 2 = $36000 closing
I think I just got screwed . . . We took out a construction loan of $315000 last year and paid $18000 in closing costs. Now that our home is built, we are now changing our construction loan to a fixed loan with a mortgage of $315000, however, we are once again being charged closing costs of $18000. Is that excessive for closing costs? It seems like $36000 is a lot to pay within the span of 1 year. This is our first home and we weren't expecting to pay this much.
We haven't closed yet and are expecting to close next week. We have the option of rolling the second closing cost of $18000 into our mortgage, however, we don't want to do that to help keep the costs of our mortgage down.
For those of you who have closed is this excessive? What were your construction and / or home loan costs and how much was your mortgage for?
TIA!
Re: Excessive Closing Costs? 18,000 x 2 = $36000 closing
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Some of the reasons for the higher costs might be some of your "prepaids." Insurance, HOA fees, property taxes, city taxes, etc. Look at your HUD line by line and see where the fees are coming from.
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I totally agree with this. The "prepaids" is usually a huge chunk of the closing cost.
We just closed on our construction loan $417k (house cost a lot more but we didn't want to go over the conforming limit, we'll just pay the rest out of pocket) and closing cost was less than $5000. That included property tax which was only $600.
Our closing costs on our $200K resale house were only around $3000 (not including downpayment). It was really only lawyer fees and everything that comes with that. We also had to pay set-up costs for our hydro and cable, and a deposit on our insurance, which came to around $500 total.
I think it's different when you build, but I don't really know.
Edit: I should add, because we were first time home buyers, we didn't have to pay land transfer tax, which saved us about a grand.
This. If there are things you don't understand on your HUD make a list and email your lending officer. I recommend email because then you have their responses in writing to refer back to later instead of trying to write everything down on the phone or remember it all.
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