Is closing costs of $5000 for a $110000 loan high?

Tips and Deals Forums Home Mortgage Is closing costs of $5000 for a $110000 loan high?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 7 months ago.

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    Anonymous

    I am bidding on an HUD property and I got a quote from Wells Fargo stating that my total closing costs (including all the taxes and escrows) will come to $5300 for a $110000 loan. I was actually expecting something more in the range of 3-4K. There is an $800 origination fee, an FHA upfront MIP fee of 1K plus a myriad of other fees. I got a rate of 4.25% plus my TransU and Equi are both in the 730 range. Is this amount normal or is this a tad bit high? I had checked with another lender whose closing cost was 4K but whose rate was 4.75%. What do you think?

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