Is that normal? I knew it would be high, because it's always higher than people expect, but this was, well, higher than we expected. We are paying $3,000 in points, which we really didn't want to pay, but it will make our monthly payments much better and more likely able to be covered by renters, should the need arise. And we did get some extra inspections, but I don't think they were really all that much - maybe up to $1,000 of the total? So what's the extra $6,000? Lender, Mortgage Broker, Title Company, Escrow Service... I'm really hoping that it also includes our first month's mortgage, tax and insurance payment, then it won't seem quite so bad.
We meet later today to sign all the loan documents and go over all the bills, so I'll know for sure where the money went then.
All of that, and our mortgage interest rate still isn't all that great - with the fed rates being at historical lows - practically zero, you'd think mortgage rates would be lower. Ours is 4.875%. And we had to pay 1.5 points to get that. I wanted it to be under 5% though, and it is, so there's that. Closer to 4% would be even better. Ah, well, we're just doing our part for the economy and to help with the mortgage crisis. We'll enjoy our first-time home buyer's stimulus check next year, but it won't even cover all the closing costs, sadly. It will, however, help pay for a bathroom remodel, so that's okay.
