approved for loan but closing costs outrageous

[Nicholas Weckstein]

so i'm approved by wells fargo for 145,000 with 25% down. my rate is 4.875%. buying in the scranton PA area. paying no points. and here's the kicker which i feel is insane...$10,059.86 for closing costs and prepaids ?! why does this sound like way to much. 

can i haggle with them ?

also i have an LLC in my name was thinking about buying it in my business name. benefits to that?

ive also been told by countless people to buy as an owner occupant and put less down and save my money....im not sure i like the idea of doing that because i wont actually be able to occupy until around 2018

[Adam Guiffrida]

@Nicholas Weckstein

 Scranton has one of the highest transfer tax rates in the country. It is 4.4%. Traditionally the buyer and seller split that.

In addition, property taxes are very high. I would guess that on a $145k house they are about $3500.

Other than that, the closing costs should be standard. Title insurance is regulated by Pennsylvania and it is proportional to the amount of the deal.

I would highly advise buying the property in an LLC. it has great liability protection and tax benefits. Plus it is filed directly on your personal tax return as long as you are the sole owner.