Closing costs on a $100k Orlando, FL Property?

[cgi911]

I was wondering if anyone has an idea as far as how much the closing costs should be on a $103,400 property located in Altamonte, FL (north of Orlando). I'm getting 2 loans, 80% & 20%, to avoid having to pay mortgage insurance. My good faith estimate says that I need to come up with $6,600. Could this be right? I'm puzzled because I purchased a $180,000 property 2 months ago (same 80% & 20% deal) and my closing costs were around $7,000. How could a property almost half the price have closing costs so high? Am I being ripped off or what?

[LindaP777]

Originally Posted by cgi911

I was wondering if anyone has an idea as far as how much the closing costs should be on a $103,400 property located in Altamonte, FL (north of Orlando). I'm getting 2 loans, 80% & 20%, to avoid having to pay mortgage insurance. My good faith estimate says that I need to come up with $6,600. Could this be right? I'm puzzled because I purchased a $180,000 property 2 months ago (same 80% & 20% deal) and my closing costs were around $7,000. How could a property almost half the price have closing costs so high? Am I being ripped off or what?

Compare these amounts to the amounts they ahve on "the truth in lending" statement they gave you. Their fees will be part of your closing costs as well. Could be your mortgage guy is making a hefty sum.

[nextwife]

In some markets, certain costs may be a fixed amount regardlerss of slae price. For example (here, at least) on a $100.000 house or $250,000 you''d find these to cost the same:

simultaneous title loan policy
lender closing fee
email fee
express charges,
appraisal
credit report
processing fee
Landlord registration where applicable
Energy weatherization certificate of compliance

Also, property taxes and the amount needed for the escrow account can vary property to property, county to county and also vary significantly based on closing date. Same with prorations on interest. Paying a few days of interest at closing is very different than paying about a month's worth of interest. Obviously the interest rates in effect on the two loans can also impact how much prepayable interest is collected at closing.

Review your good faith, as recommended.