Closing cost sticker shock !! - $14k , this is real?

[Everest Jordan]

So I was given these numbers by my lender that set me up with my pre-approval letter:

Purchase Price - 350k

Down payment - 5% = $17.5k

Closing cost = $14k

Location of unit - Montgomery County, MD (zip 20874)

Is $14k closing cost in this location normal? It seems a bit too excessive. 

@Brandon Turner in all his webcasts usually only puts $3k towards this expense and I has expecting mine to come in the same ball park. Should I look for another lender, or is this the norm? I was totally not expecting to be paying so much in closing for a unit at this price point.

My credit score is very good, not sure if that is a factor in the calculations.

Would appreciate some words of wisdom and direction from seasoned REIs.

[Russell Brazil]

@Everest Jordan

If this includes prepaids, then yeah this is the right ballpark. I usually estimate 3% for closing costs in the area plus prepaids.

You will also find that lenders will often slightly over estimate costs, then they will drop on the final, because if they underestimate they can be in for some doo doo.

Also theres going to be some variance here based on lender fees, first time home huyer recordation tax discount, whether or not you buy owners title insurance, if its in an hoa...hoa transfer fee.