Forgotten Your Password?

Need to Register?

Question Icon

Applied for mortgage approved for 145 k but worried i'm getting jerked around on closing costs

Hey I applied for a mortgage and got approved for a 145,000 Loan but the loan processor says my bank statements doesn't show enough for closing cost which come up to 9,000 I think I'm getting jerked around. I working with a builder who uses there own lender from what I hear an outside lender would raise the stakes but I am open. by llave.00111138 from Houston, Texas. Sep 19th 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

All loans have closing costs. But closing costs and interest rate can go hand in hand. A lender can give you really low closing costs, but charge a higher rate to do so. Lenders can also offer really low interest rates, but charge higher closing costs to do so. I suggest talking to someone other than the builders preferred lender to get an idea of what $9,000 would get you in a rate elsewhere. I also suggest asking them what sort of rate they would offer with much lower closing costs. Finally, understand that using the builder internal lenders, because they have you wrapped up with the new construction, are generally some of the worst high priced lenders out there.

Sep 22nd 2014
0
0
Michael Patterson (MichaelPatterson)
#52 ranked lender in Washington - 71 contributions

I would highly recommend discussing it with another loan officer licensed in your state. If you know your credit scores, or have a copy of your credit report, they can most likely give you an idea as to whether those fees are in the ballpark or not, based on current market rates, loan program options, etc...

Sep 22nd 2014
0
0
Jesse Langston (jlangston@efastfunding.com)
#194 ranked lender in Texas - 17 contributions

If you still need assistance give me a call. I can almost always beat the builders preferred lender's offer. If you are short on time to close, I can close a loan in 11 days. We are a direct lender.214-504-1869 Jesse

Sep 26th 2014
0
0
Subscribe to our news feed.