Do these closing costs seem high?
My fiance works for a mortgage company and we’re supposedly getting a discount on our closing costs but even with that it still seems really high. This is for a 140k fixed rate loan with a 5.5% rate and 30 year term. The house will be bought in Washington County, PA.
Line 808 Mortgage Broker Fee $ 1000
Line 810 Processing Fee $ 300
Line 811 Underwriting Fee $ 650
Line 1105 Document Preperation Fee $ 100.00
Line 1108 Title Insurance Fee $ 1073.75
Line 1111 Endorsements $ 150
Line 1201 Recording Fee $ 138.50
Line 1202 Local Tax/Stamps $ 1050
Line 1203 State Tax/Stamps $ 700
Sub-Totaled Closing Costs 5197.25
Line 901 Prepaid Interest $ 186.72
Line 1001 Hazard Ins $ 74
Line 1002 Mortgage Ins $ 186.00
Line 1004 Property Tax $ 1080
Total Closing Costs 6723.97
I understand that I can get the seller to pay some of these but they seem really high. Do any of these fees stand out as outrageously high or am I just overwhelmed because I am a first time home buyer.
My credit score is 800
And supposedly the guy is saving us $ 1800