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/biz/ - Business & Finance

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1146630 No.1146630 [Reply] [Original]

Trying to buy my first place. A 2 bedroom, 2 bathroom Condo. Price is $88k, doing 20% down to avoid Mortgage Insurance so my loan has to be $70,400. Lender I have been working with wants for a 30yr/fixed a payment of $432.50 a month, 3.75% interest rate, total closing costs is $5671.70. My parents are not pleased with the closing costs, they think it's too high. What do you think? Is there a way to talk to the lender to have them lowered? I don't really want to really deal with having to find another lender.

>> No.1146633

>>1146630
Have the buyer pay for half of the closing costs.

>> No.1146638

>>1146633
>seller^

>> No.1146639

>>1146633
It's a short sale, sellers have no money.

>> No.1146640

>>1146639
Oh. You're going to have to negotiate with the real estate agents then.

>> No.1146657

>>1146640
What do I negotiate with the real estate agents about? Sellers have agreed to keep up payments on utility bills and HOA fees until closing, that's all they can do on their end.

>> No.1147106

>>1146630
Closing costs seems high. What does the HUD-1 list in terms of closing costs?

You do your due diligence on the condo? Who runs the HOA? Any deferred maintenance on the common areas? What about any special assessments?

>> No.1147177

>>1147106
I have never heard of this HUD-1. Do you mind explaining it? Is this something I can ask the lender about? To be more specific the closing costs is listed at $4905.65 and then a "estimated prepaid items" at $766.05.

My real estate agent has been great on helping me on the research on the condo, know who runs the HOA is, have their meeting minutes and financials and all that. Mostly dealing with the lender is left.