Home purchase closing costs question

[Mudslinger]

Where bouts you looking to land?

Within 30 miles of Temple, maybe further if the right situation pops up. Limit of $300,000.

[jshouse]

We are closing on a house next Tuesday for $330k, it's in a neighborhood, the appraisal was $495 and our closing costs are around $10-12k I believe.

And both of the lenders we talked too were willing to waive the origination fee.

[medic151]

I just went through this with country place mortgage. They tried to get 9000.00 plus for closing on our new tornado magnet. I told them it bordered on criminal and told them to beat feet. We own the 55 acres so that wasn't included.

[hooligan]

This is for a $345k house we closed on this morning. Trey (Tx_cattleman) on here took care of us and he and his team were great to work with

https://imgur.com/a/tUJ2w07

[Wes Chaney]

I just went through this with country place mortgage. They tried to get 9000.00 plus for closing on our new tornado magnet. I told them it bordered on criminal and told them to beat feet. We own the 55 acres so that wasn't included.

This is an estimate from country place mortgage, it’s kinda hard to find someone willing to finance a used mobile home so if anyone has suggestions for a lender I’m all ears.


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[Biggs]

Within 30 miles of Temple, maybe further if the right situation pops up. Limit of $300,000.

Me too. It’s absurd what comes up and sells!


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[rferg84]

Loan amount is $115,000


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Oh Lord Terry, back up, back up.

Thats pushing what 6.5-7% of your purchase amount?

[Sleepy]

Geeze! I closed on a $325K house a few weeks ago and paid just under $4K in closing costs.

[J Wales]

Those closing costs are definitely higher than what I would expect to see on a customary home purchase, but a mobile home transaction is almost always going to involve higher fees. There is often a whole other set of titling documentation that must be handled through the Texas Department of Housing and Community Affairs in addition to the real estate, and the lender typically has some additional hurdles to secure their lien on the property.

[jshouse]

Geeze! I closed on a $325K house a few weeks ago and paid just under $4K in closing costs.

You the buyer or seller? That's closer to what a seller usually pays

[Wes Chaney]

Those closing costs are definitely higher than what I would expect to see on a customary home purchase, but a mobile home transaction is almost always going to involve higher fees. There is often a whole other set of titling documentation that must be handled through the Texas Department of Housing and Community Affairs in addition to the real estate, and the lender typically has some additional hurdles to secure their lien on the property.

I should have specified that this was a mobile home in my original post, i didn’t know if that made a difference or not but what your saying definitely makes sense. I didn’t really want a mobile home but I ran across this and feel like it’s a good deal, it’s 3 acres totally net wire fenced with a newer aerobic septic and a good well in the most desirable school district in my area. The home is a 2007 that needs some carpet replaced and some painting inside other then that it’s in real good shape, the mortgage payment will be cheaper then I’m currently paying for rent and even if the house is falling apart when the loan is paid off I’ll come out of it with a nice piece of land.. more then I’ll have if I continue renting. Lol


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[Sleepy]

You the buyer or seller? That's closer to what a seller usually pays

I was the buyer

[Atfulldraw]

Your points and origination fees on this quote are about as high as I’ve ever seen. This lender is trying to take you out behind the wood shed.


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yeah, like I said....just for fun.

We won't be visiting that shed.

[Jspradley]

It's almost like real estate is a scam nowadays...

[Tex_Cattleman]

Just for fun, I pulled my loan app on a 400k house...

That appraisal fee is nutz!!!

Dude!! You got absolutely bent OVER! That's robbery!