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