New 1st time home buyer
Hey BiggerPockets so I’ve been talking to some mortgage bankers . One specifically caught my attention . Bank Santander offered me a .625% discount on my mortgage because I’m making below the 50% median household income in the county. Now the closing costs was around 8,000. I would love some insight after reading all over BiggerPockets I feel that is ridiculously too much. Does anyone have any insight or any advice to lower the closing costs. This would be my first mortgage by the way . I also heard lender around 2000 closing cost with a higher interest rate. First time home buyer would really mean a lot!
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That number sounds about accurate to me. My closing costs were around 10k but that's because I had to pay home owners insurance for the year which totaled about 1.9k. I would suggest whatever offers you put in to include a seller credit to closing costs with them. For example I put an offer in at full asking price of 195k with a seller credit of 5k and it was accepted so I only had to come up with 5% for the down payment and 5k to close.