I think the loan officer at Bank of America saw a chance to take advantage of a young person. No papers were ever signed and he knew we were looking around for the best loan. When I tried to get the GFE in writing he stalled for more time yet he charged the 480.00 appraisal fee within two days after the seller accepted our offer.
He assured me no appraisal had been done, yet the next day and at which time I informed him of the great deal with BB&T he tells me the appraisal has been done! I think he knew I had the discovered the overage and just tried to get even.
No Bank of America is not truthful and honest with everyone that seeks a loan with them. He told us that he could not match BB&T's offer.
I am filing a complaint and hope to get the money back for the appraisal. By the way BB&T only charges 350.00 for appraisals.
The loan officer told one lie after another just to pad he pocket. I will tell everyone to stay away from them. The only reason for going there in the beginning... our realtor recommended him.

Anne,

I am sorry you feel you have had a bad experiance. As one of the agents said below, even though closing costs fluctuate, most are going to stay right around 3%. I am not sure where that particular bank representitive came up with $8,000 closing costs. You should have an agent review his Good Faith Estimate with you to see where those charges may be at.

Bank of America has a program right now where they aren't charging an origination fee. That can be up to a 1% savings. I work with Anthony Hernandez at Bank of America's mortgage department. Thats all he does is specialize in mortgages for them. When you have a minute, call him and ask him to go over your estimate for you. You can reach Anthony at 803-354-1837.

-Donna Reed
Midlands Realtors
803-422-4700

Im sorry you are not having a great buying experience. The way it should work is like this:
You get preapproval for a mortgage and at that time, should receive a rough good faith estimate based on your preapproved loan amount. After finding your home, you get another extremely accurrate good faith estimate based on your contract price. You (your agent) negotiates a contract inwhich you pay very little or no closing costs (except the 3.5% thats required with a fha loan). I work with first time homebuyers and I know very few to pay anything more than the 3.5% fha requirement.
There are a lot of options available to you. Take advantage of them before government, state and county dollars dry up.

Roslyn Ferrell
Realtor
803-513-7222
rferrell@cbunited.com

I did talk with a lender at Bank of America and was quoted just over 8,000. He said the credit score came back as 690 and doesn't qualify for the best rates. Seems like lenders are taking advantage of the FIrst time home buyer credit and finding more fees to apply. No wonder people are not buying.

Anne, shop around and ask for a good faith estimate to be emailed to you. Lenders dont need credit information to give you this.My last clients closing costs on a 135K purchase were only 2700.00 total. I have special deals worked out with BOA on home purchase's. So to answer your question, fees will vary based on the type of loan and your negotiating skills or that of your agents.

The easiest way for me to answer this question is to say.......work with a Coldwell Banker Realtor and Coldwell Banker mortgage and you will know what your closing costs will be when you write your contract.

Roslyn Ferrell, Realtor
Coldwell Banker (of course!)
803-513-7222
rferrell@cbunited.com

Don't forget that closing costs can be negotiated into your purchase! It will be important for you to know what loan you want to go with so that you can have your closings costs covered by the seller in your contract. Qualify for 100% no money down loan, and you may end up bringing nothing to closing at all! (Yes, 100% financing is still available if you know where to look!)

Also, there are grant funds available by that qualified buyers can access up to $20,000 in down payment assistance or to use for your closing costs. If you don't have a down payment or money for closing costs, I may be able to help! The opportunities are too plentiful in today's market!

Happy searching, Anne!

-Donna Reed
Midlands Realtors
donnareed@live.com
803-422-4700

As a rule of thumb, closing costs are usually around 3% of the purchase price of the house. As Paige stated, that amount is going to depend on variables such as your homeowners insurance amount, taxes,how much your lender fees are, attorney fees, and what your lender requires in escrows.

Anne,

Costs vary some depending on the type of loan and individual lender fees.
Closing costs (lender fees, attorney fees, appraisal, title search, etc,) usually run around $4,000 for a house selling for $150,000. Total funds to bring to closing also include your down payment ($7,500 if you are putting 5% down), prepaid taxes and insurance, etc. This would bring your total amount to bring to closing to approximately $13,000. (minus the funds you put down as earnest money)

Your lender can give you a good faith estimate that will show all of their fees so you can get a more accurate estimate!

Page Latham, Realtor
Columbia, SC