I asked zillow.com for mortgage lender info, the closing fees on some are less than $2k based on a $575k loan,

Asked by Amber, San Mateo, CA Wed Aug 20, 2008

does that seem to good to be true? Are there hidden costs that I'm missing and will come back to get me?

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
, , Irvine, CA
Thu Aug 21, 2008
Amber,

As a broker, this is why I left Zillow. There are a bunch of cons there who quote the lowest thing possible in order to bait and switch. I however, try to disclose all fees up front.

I would love to help! Email me, and let's discuss!

martytheloanofficer@gmx.us

Marty

I am online now!
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu Aug 21, 2008
I agree with that you get what you pay for. The industry standard is 3% for closing costs. If you are paying point s with your mortgage it could gho up to 5%. My advise is to stay away from internet lenders, use a trusted mortgage company, your best bet is to ask friends, family or coworkers who they used, and who treate them well. Dont pay up front fees, dont get scammed by the fly be nighters who offer such low fees up front and then surprise you at closing with the real or added fees. Good luck in your purchase.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Yu Lam, Agent, San Mateo, CA
Thu Aug 21, 2008
Typical closing fee should be around 2.5% of the sale price of the property. This 2.5% includes the fee charge by the loan agent, lender and title company. You can use 3% to be more conservative.
0 votes
, , Sacramento, CA
Thu Aug 21, 2008
Zillow's lenders do not quote any title/escrow fees, tax impounds, or insurance. They only quote what their fees are.
0 votes
Adrian Hunti…, Agent, SAN FRANCISCO, CA
Wed Aug 20, 2008
In all transactions you get what you pay for. If you hired a lawyer you would not pay for the cheapest lawyer which is a public defender. If you have700+ credit I suggest you get a quote from your local bank. If you have a checking account savings and agree to ETF Mortgage Payments banks such as Wells Fargo, Bank of America will give you a better rate with less to no cost. Buyer be aware no closing costs means higher interest rate. It may only be an eighth, but over time they got paid for your so called deal. I am a Realtor and Loan Officer. Whether you go to a retail Bank or use a Wholesale Broker you will pay something. You need to go with someone who you can trust. If you are buying a home typically the seller chooses the Escrow company. You should ask for Seller concessions to pay for the escrow fees. Most escrow fees are competitive. We are at a point when the high fee companies are out of business.
If you have any questions, or would like for me to quote you some reasonable fees. Email me some details. I think some figure is missing from this total.

Sincerely,

Adrian Huntington
Welcome Home Real Estate & Finance
53 La Serena Ct.
Alamo, CA 94507
adrianh@americanfinancialfunding.com
925-818-6694
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more