$5,971 in closing costs/fees on $36,000 loan?
Hello all,
This is my first question posed on B.P.! My question is simple. I am set to close on a property this month (a triplex). The purchase price is $48,000 with 25% down ($12,000). So my loan will be $36,000. However, I was shocked to see the $5,971 in closing costs/fees! Watching Brandon Turner's videos, and according to the B.P. Calculator, I should estimate about 1.5% in closing costs...but my closing costs and fees are significantly higher (double digits). What am I missing or not understanding here? I am attaching a picture of what the loan company wants me to sign (which I haven't yet). Do these amounts look normal? Would you sign for this loan or just pay cash if that was an option? Thank you!
