Am I Being Ripped Off By My Lender? (First time buyer)

[Gary Hirthler]

Our mortgage broker "forgot" to mention closing cost (our bad for not doing thorough enough investigating and researh, AND now trust is a bit fractured) - I'm wondering (I've gotten 5 calls this morning from mortgage companies) should I have shopped around more? Any adivse?

We are set to wire deposit today to go into escrow.

Your time and thoughts are much appreciated!

Gary

[Dominick Johnson]

Quote from @Gary Hirthler:

Our mortgage broker "forgot" to mention closing cost (our bad for not doing thorough enough investigating and researh, AND now trust is a bit fractured) - I'm wondering (I've gotten 5 calls this morning from mortgage companies) should I have shopped around more? Any adivse?

We are set to wire deposit today to go into escrow.

Your time and thoughts are much appreciated!

Gary

Closing costs are something that should be already known if you are this far in the home buying process. It's like knowing that there will be sales tax when you buy groceries. Typically they are around 3% of the purchase price. Your lender, or even realtor should have mentioned this, but they aren't trying to rip you off by including these. 

Sounds a bit too late to do any shopping around for the best rate, but if it's a reputable lender and a large company, they will be competitive with their rates. Smaller lenders like local banks and credit unions will typically have a better interest rate or less closing costs, but in this market it's not going to be much of a savings. Also, if you haven't shopped around for home insurance yet be prepared to be shocked. Home insurance is 2x-3x times what it was last year.