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Updated over 6 years ago on . Most recent reply

Need to reduce closing costs (Chicago purchase)
I have bought a few rentals in the Chicago area and am put off by the considerable closing costs, especially from the title company. I'm looking at something right now and the down payment is $18,000 (20% down) and the closing costs including estimated lender fees is over $9,000. Going with a non-traditional lender looks like there's a reduction in lender fees, but I don't know what to do about title costs.
Any thoughts? Would going all cash help with title?
Most Popular Reply

@Patrick Britton wow that is exceedingly high. Can you provide a break down of the 9k in costs? How much is lender and title? Any transfer taxes? I buy something for 80k, I pay 800 in underwriting fees and so forth, 1000 in title fees, then the usual taxes and insurance. All in, including prepaids I’m at about 4k