First time home buyer, Dallas, Conventional loan. Are these closing costs reasonable?
Hi All,
I'm a first-time homebuyer, and the closing costs are starting to add up. I've put down $5,000 in earnest money, and the seller is contributing another $5,000. Despite this, I'm still facing an additional $9,575 in closing costs, not to mention my 20% down payment. I was able to secure an extra seller credit to lower my interest rate to 4.99% on a 30-year fixed mortgage. Now, I'm trying to figure out which charges I can negotiate. My loan officer, who seems knowledgeable but perhaps a bit set in his ways, claims that switching title companies won't make a significant difference. I'm not sure what to say to him to get a better deal.
ETA: I'm trying to verify the list of charges provided to me. The closing costs of $20,000 appear excessive compared to what others have mentioned. My goal is to determine if there are any charges that can be negotiated down. Nothing specific to tile charges.