3 Thoughts on mortgage closing cost: credit union vs. commercial bank?
  1. Reply
    February 14, 2014 at 11:32 am

    no it is not as many cost are the same whom ever does your loan. Some will quote you low but up-sell the rate to cover the cost as there is no free lunch or loan

  2. Reply
    February 14, 2014 at 12:15 pm

    Keep in mind that PMI wich can cost you thousands if you don’t put 20% down.
    That money does not go towards principle or interest, and its not tax deductible.
    Closing costs will be the least of your worries.
    And please, dont do one of these fixed 1 year 5 year arms. Do a conventional 30 year fixed.
    Interest rates are about to go down just a wee bit. But they will shoot up in a year. With any kind of ARM, you will see yourself in a whole heap of trouble.

  3. Reply
    Mel M
    February 14, 2014 at 1:09 pm

    Each financial institution is different, so you’d have to check the closing costs with each one you are considering to make a fair comparison. Sometimes financial institutions run special loan promotions with reduced costs.

    Sorry I can’t be more specific, but in this instance, there is no way to tell unless you check with each financial institution.

    Hope this helps. Good luck.

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