Good Question, I found over the years that the closing costs are usually loan origination fee of $1% of the purchase price plus your prepaids. I would love to talk with you about other options that could save you having to come up with alot of cash. I have been selling R/S for many years and there alot of possible options available to you. Please call Cheri @206-715-8797 or email me @cherimartin177@gmail.com. My office is in Renton and know the area well.

It sounds about right based on the the average home price in S King Co. Generally that's about 3% but it can vary depending on your loan, what your loan officer is charging, cost of title and escrow, taxes, ect.,. The amount you come in with also depends on the time of month you close as they will collect prorated interest for your first months payment (earlier in month = more $ money you come in with, later in the month = less $ you come in with, but it all evens out in the end and you end up paying from the day you close and making your first payment appx 30-45 after that).

Everyone pays about this much (or more!). If you're feeling the pinch you may consider tying in your closing costs (that $5,500) into your loan. The minimal difference it would make in your overall monthly mortgage payment may be worth it if you can keep that money liquid.

Hope this helps,
Jennifer Nilssen
TEC Real Estate

Is the $5500 the total costs or the lender costs? The GFE should include an estimate for impounds (taxes and insurance) along with estimated title and escrow fees. Depending on the estimated closing date, your prepaid impounds could be higher or lower. If it is a December close date it will be higher than November because they have to impound more property taxes. Every month is different.

The GFE should itemize every charge, they add up fast. If you have questions talk to the lender, they have a duty to explain everything to you. If you have an agent they should have a knowledge of whether the GFE looks legit or as was recommended, get another one and compare them line by line and then ask questions.

If would be happy to go over it with you if you have any questions.

Congratulations!

Typically closing costs are close to 3% of your sales price. I would be happy to answer any other questions for you. You can view my website for more tips and answers: http://www.WashingtonRealEstate4u.com

Hello,

First - congrats on your decision of making a home purchase! What an exciting journey and great investment.

With regards to your closing costs; they are related to your purchase price. If your lender gave you a few GFE at different price points you can see the closing costs fluctuated slightly. Be sure to look for "hidden" fees though. There are lenders that cushion the GFE with additional fees putting money in their pocket at closing. I recommend getting an additional lender to give you a GFE and compare apples to apples. If you are not familiar with the process you may not know what fees are legit or not. The standards of practice are tightly governed (especially right now) however, unfortunately there is always some sort of fraud lurking.

If you don't have a connection to another lender I highly recommend Wendy Ludlow with Met and she can be reached at wludlow@metlife.com. I've worked with her and her fabulous team for years and they are well known in the Northwest. If you are getting the best deal with your initial lender she WILL let you know just that. Please let her know I recommended you!

The closing costs are directly related to the price of the home you are purchasing. I have two lenders that I trust which would be happy to review review, explain and answer any questions that you have. If the costs seem high to you than you should seek out a second opinion from a lender that is referred to you by someone you know or trust. It should be a person that they have done business with and have been pleased with. I can provide you names of people that I have done business with and know are honest.