Closing costs seem high

[Account Closed]

Hello. I am closing on my first property and closing costs appear to be much higher than what I projected. Purchase price is 91k and I’m putting 5% down. I have a good credit score (750) and am buying 2 points to get the interest rate down to 4.99%. Let me know what you think, thanks.

[Chris Mason]

Quote from @Account Closed:

Hello. I am closing on my first property and closing costs appear to be much higher than what I projected. Purchase price is 91k and I’m putting 5% down. I have a good credit score (750) and am buying 2 points to get the interest rate down to 4.99%. Let me know what you think, thanks.

 Borrow 3x as much money, and watch the lender fees magically decrease by 2/3. 

Check this out. The maximum lawful fees a lender can charge goes UP as the size of the loan goes DOWN. If the rules for $100k mortgages were the same as the rules for $500k mortgages, no one would do $100k mortgages. You could equate the small loan size to about a 75 point FICO reduction.