I did ask my credit union about their mortgages. Their rates are about the same as the next guys but the woman I spoke with basically told me that my closing costs would run between 2%-3% of the loan...does that sound about right?
Another question...ok...so I fill out apps first to get the good faith estimate or how do I go about getting this information first?
...so I fill out apps first to get the good faith estimate or how do I go about getting this information first?
Just ask them to fax it over in writing. If they want your business, they will do this happily. They can’t possibly expect you to show up at the closing not knowing the final bottom line costs. They do mortgages on a daily basis and know the costs to the dime. If they tell you X up front, and at closing it’s Y. Walk away.
Hell no, way too much. Look harder and don't say that their rates are "about the same" they are either lower, higher or equal, but "about the same" indicates a lack of real examination on your part.
It's your money, but a critical examination is important before you make a 30 year contract.
BTW, the difference between 2%-3% is not just one point, it's 50%. Think about it.
That sounds about average for closing costs. It does vary by state (taxes and fees for different states vary.)
Get a good faith estimate - they should be able to get you one once you sign an initial authorization and they pull credit and get at least a verbal from you on income and assets.