Lowest mortgage closing cost lender?

[Wild and Free]

Looking at an investment property and am just spit balling costs and feasibility #'s but have been totally blind sided with the closing costs @ $5K range from visiting with a couple banks already. Was wondering which lenders have the lowest closing costs from all your experience before I start making dozens of phone calls to mortgage lenders. Interest rates are all close so that is basically a non issue from my digging there but just wondering if any lender has more reasonable closing costs in The Bis/Man area?

Bought my house almost 18 years ago and IIRC was only in the 1500-2K range then.

 

[savage270]

Those closing costs are really a PITA and a real money maker for the banks. And really there is no way to avoid them. The best advice I can give you is to get bids from 3 different lending institutions and you should end up saving $800-$1,000 by making that effort. Good luck.

 

[tikkalover]

Try to get the seller to pay some, if not all of them.

 

[3Roosters]

Those closing costs are really a PITA and a real money maker for the banks. And really there is no way to avoid them. The best advice I can give you is to get bids from 3 different lending institutions and you should end up saving $800-$1,000 by making that effort. Good luck.

This!. Have your ammo in print. Even ask to go before their board of decision makers in person to pitch a lower amount.

 

[Wild and Free]

Try to get the seller to pay some, if not all of them.

Without going into details of a very long story..................that's not going to happen on this deal period.

I realize there are many 3rd party expenses one can't get around rolled into the closing costs but the highest amount by far is the banks own fees, they are making boat loads off the loan in interest they could pass that off as the cost of doing business to get the loan in their house.

 

[Captain Ahab]

Without going into details of a very long story..................that's not going to happen on this deal period.

I realize there are many 3rd party expenses one can't get around rolled into the closing costs but the highest amount by far is the banks own fees, they are making boat loads off the loan in interest they could pass that off as the cost of doing business to get the loan in their house.

A lot of banks just initiate the loan and get paid through closing costs and pass the actual loan to a third party(you might want to ask if they hold the loan in-house or pass it on). They have more discretion on what they can do if they hold the loan themselves. Some lenders advertise on channels like CNBC about no or low closing costs, but I would be leery of hidden fees and service. In the end, I would go to bank I felt most comfortable with as far as accessibility and service if it was a near push.

 

[Wild and Free]

I do not do business with big national banks anymore only local credit unions mainly or local owned and run in state banks.

 

[arrowdem]

ive had a lot of luck with Gate City Bank as far as ease or working with them, their closing costs are standard as far as ive seen and i got it in the purchase agreement that the seller covers closing up to 3k so that helps, but i do know GCB does sell their mortgages out so i may not be the best to take advice from

 

[Kickemup]

I just went through this with the house we bought and sold had to pay closing costs on both. Was a little under 9 grand together.

 

[arrowdem]

I just went through this with the house we bought and sold had to pay closing costs on both. Was a little under 9 grand together.

:;:huh

 

[Wild and Free]

I just went through this with the house we bought and sold had to pay closing costs on both. Was a little under 9 grand together.

Ouch!

 

[johnr]

Whole life

 

[Wild and Free]

Whole life

Checked this already and can't get enough money into a new policy fast enough to borrow from myself to make this deal happen. Plus with the low interest rates and the ability to deduct the interest doesn't makes it the best option to make my money work for me on both ends. Had I had a whole life policy for some time already it would have worked but after visiting with several people about it even the ins agent recommended the regular mortgage to make things work in my favor better.

 

[DirtyMike]

Whole life

if only i could afford it. Our closing costs were $7.

 

[Wild and Free]

if only i could afford it. Our closing costs were $7.[/QUOTE]

Typo? If not I need more details on the 7 buck closing cost, or was that the difference after the seller paid the other 4993 worth lol.

 

[DirtyMike]

if only i could afford it. Our closing costs were $7.[/QUOTE]

Typo? If not I need more details on the 7 buck closing cost, or was that the difference after the seller paid the other 4993 worth lol.

I think thats what it was. We were ready to take it in the shorts when we were on our way to closing. Banker said "I need a check for $7." I haven't written that fast at any other point in my life.

 

[Captain Ahab]

I think thats what it was. We were ready to take it in the shorts when we were on our way to closing. Banker said "I need a check for $7." I haven't written that fast at any other point in my life.

Was Big J your banker?

 

[DirtyMike]

Was Big J your banker?

Ha, no. We went through cornerstone in Bismarck. Then WF bought out the loan.

 

[bigbrad123]

I know its not ideal, but we just rolled our closing costs into our loan. Yes, stupid that you are paying the bank even more interest, but it is what it is.