OT - Mortage Settlement Advice Needed

slopfrogMarch 18, 2012

Sorry for being so OT, but I don't know who else to ask:

I am trying to buy my first house for $150k. I have a GFE from Quicken for an FHA loan and a GFE from the credit union for a conventional loan. Both sem to be a wash -- the entire settlement fees (including escrow deposits) are right at $10,000 not including down payments!!! This seems absolutely ridiculous to me, but I have no benchmark to judge from. Is this normal? Will it really cost over $17,000 to put only 5% down?

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I would try the buying and selling homes forum, slopfrog:

Here is a link that might be useful: buying and selling homes

    Bookmark   March 18, 2012 at 4:12PM
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sumala(9 fl)

Personally, I would recommend renting for a bit longer if that is what you are now doing. The recent bank settlement thing is supposed to help clear up the foreclosure backlog and make it easier for the banks to take possesion. When that happens and they suddenly have an enormous inventory, I think they will try to unload it and drive market prices lower. Your best price and lower fees may be ahead.

And if you take my advice, you could easily wind up as broke as I am ;)

    Bookmark   March 18, 2012 at 8:51PM
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slop frog........this is what i do for a living if you would like me to answer your questions i would be happy to!
How can i get in touch with you?

    Bookmark   March 18, 2012 at 11:02PM
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