Financing in Lubbock>Question Details

John, Home Owner in Lubbock, TX

How much should I pay for closing cost on s new home?

Asked by John, Lubbock, TX Mon Mar 5, 2012

I am trying to find a mortgage company that has fair closing cost in Lubbock. I am seeing a lot of fees that seem to be fake. I just what to find a place in Lubbock that is not trying to get me on fees. Please help me.

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Tammie Wood

Larissa Cable
Lubbock National Bank
(806) 473-6414

These are the 2 lenders that I would recommend. I have them used them in the past and they are both phenomenal. Make sure you use. Local lender stay away from lenders that don't have local under writing. You really need to sty away from Wells Fargo and Bank of America.

If you have any questions please feel free to call me 806-778-8400.
0 votes Thank Flag Link Mon Mar 5, 2012
The fees in the 800s section of the Estimated Fee Sheet are controlled by the lender. Other fees are 3rd party fees and are NOT controlled by the lender.
Also. Rates and fees go hand in hand. Lowest rate = highest fees and lowest fees = higher rate.

What is:
1. Loan amount?
2. Rate offered?

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration =>
0 votes Thank Flag Link Tue Mar 6, 2012
I can understand closing costs referring to items unfamiliar to a buyer. Why don't you give us the fees, and we'll tell you what they mean. The comments referring to higher interest rates covering some or all of the closing costs are true. However, in the long run, you will save more money with the lowest interest rate. It all depends on your short-term and long-term goals. After April 1, 2012, the FHA mortgage insurance fees will be going up. The cut-off is determined by the date the lender orders the case number. Time is of the essence.
Barbara Coker
NMLS# 228545
Licensed Mortgage Loan Officer
100% Home Loans ALL Over Texas!
Web Reference:
0 votes Thank Flag Link Tue Mar 6, 2012
Hi John,

It depends on the type of loan you take out and the lender you're working with.
For example: If you're doing an FHA loan you'll pay the upfront mortgage insurance premium which goes directly to FHA. This is going to make your closing costs seem higher but the premium is financed into the loan.

You also need to remember that there are costs involved that the lender has no control over, like title insurance.

You do have some options.
You can take a slightly higher interest rate to reduce or eliminate your total closing costs.
You can negotiate with the seller to have your closing costs paid by the seller.

Please fee free to call me if you would more information. I'll be happy to break down the quote you have and provide you a quote on what I can offer.

John Burke
Senior Mortgage Banker
ENG Lending
0 votes Thank Flag Link Tue Mar 6, 2012

It is good to question fees, but don't always go with the lowest cost provider.
You are right, with some lenders they do add a lot of fees that are negotiable.
Sometimes lenders will tell you what you want to hear.
They can sometimes make the fees go away with a higher interest rate for example, which might cost you more money in the long run.
Ask the advice of your realtor and they will often point you in the right direction. Get the GFE from 3 lenders and compare. Make sure your realtor or other people you trust have also used them.
You might take a look at Quicken Loans online and also check with a local credit union. They both have had super low fees in the past.
Web Reference:
0 votes Thank Flag Link Mon Mar 5, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
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