Closing costs.. seems high

[Rino I.]

Hello BP.. my first post... im in the process of purchasing a rental property.. waiting for my counter offer to be accepted. I had to take out a non owner occupied loan.. the property was 250k putting down 25% with a 7.99% rate... i asked my mortage lender for a sheet so i had an idea for closing costs and it was over 12k!! Thats about a year of my net cashflow

anyway i have a few questions to ask him.. i see a $3750  charge for points which him and i never spoke about... let me know if i have something i can negotiate or should i find a different mortage lender

PURCHASE PRICE: $250,000
LOAN AMOUNT: $187,500
INTEREST RATE: 7.990%
APR: *8.370%
TERM (MOS):360
PAYMENT :**$1,895.50
CASH TO CLOSE: $75,447.42

250K PRICE 2 UNIT HOME INVESTMENTDOWN PMT/EQUITY: $62,500.00
LOAN TO VALUE: 75.000%
APR COSTS: $2,819.67
NON-APR COSTS: $2,647.75
POINTS: $3,750.00
UFMIP/FF/GF/SP: $0.00
PREPAIDS: $3,730.00
CONTRIBUTIONS: $0.00
EARNEST MONEY :$0.00
CASH TO CLOSE: $75,447.42

FEE DETAIL

Hazard Insurance Reserves: $250
Hazard Insurance Premium: $1,500
Taxes Reserves: $1,980
Application Fee: $1,280
Points: $0
Appraisal Fee: $675
Credit Report: $37
Flood Certification Fee: $8
Tax Service Fee: $68
Title-Courier/Exp Mail Fee: $80
Closing Protection Letter: $75
Electronic Document Delivery: $25
Title Endorsement: $100
Title Examination: $100
Title-Lender Title Insurance: $843.75
Title-Settlement/Closing Fee: $625
Recording Fees: $470
Buyer's Attorney: $1
Title - NJ Tideland: $20
Title - NJ Upper Court: $13
Title - Notary Fee: $25
Title - Notice of Settlement: $40
Title - Recording Service: $10
Title - Search : $13
Title - Tax Search: $35
Title - Transaction Management: $35
Title Abstract : $175
Title Bankruptcies: $13
Title Municipal Search: $55
Title Wire Transfer: $30

[Robin Simon]

Closing costs are typically going to always seem high on low loan amount deals as a lot of these costs are pretty fixed (i.e. the same whether the loan is $1,000,000 or $100,000) so will be a higher % number on the lower $ deals