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What exactly do closing costs entail?
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MikesBride
LIF Adult
Member since 12/09 1245 total posts
Name:
Ilana
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What exactly do closing costs entail?
And why are they SOOOOO much money????
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Posted 3/31/11 7:30 AM  |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: What exactly do closing costs entail?
this is what I can remember!
appraisal
mortgage company legal feels
taxes (huge chunkc)
insurance (1 year)
interest
credit check
loan origination fee
recording fee
title search
points (if applicable)
your lawyer fee
its insane and is sukcs! but you first mortagage payment is essentially made and you have to pay enough for your taxes to get you escrow account where it needs to be! those are the really big amounts!
Message edited 3/31/2011 10:17:13 AM.
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| Posted 3/31/11 10:15 AM |
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dfw343
LIF Infant
Member since 7/10 246 total posts
Name:
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Re: What exactly do closing costs entail?
because it's legalize money laundering for the city and state...
Everyone makes money off of you.
Read your GFE carefully and challenge anything that looks weird to you!
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| Posted 3/31/11 12:28 PM |
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Re: What exactly do closing costs entail?
the main costs are the taxes and the NYS mortgage recording tax- there is nothing you can do about those
I would still question everything on the GFE- now they must disclose every fee- but most banks don't charge all those fees - so it's important to go over it with the mortgage lender
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| Posted 3/31/11 3:16 PM |
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