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58-4ever
09-11-2006, 08:28 PM
So we've made an offer to buy our first house. I might be too general in my questions, if so, let me know.

1. Should we be paying closing costs? I've heard lots of conflicting information about this from "You should get grants to cover closing costs" to "the seller should pay most of the/if not all of the closing costs."

2. Should I pay a loan origination fee for a lower interest rate?

3. Any and all stories and advise would be extremely helpful.

Demonpenz
09-11-2006, 08:30 PM
damn dude you got screwed I paid alot less than that.

burt
09-11-2006, 08:44 PM
So we've made an offer to buy our first house. I might be too general in my questions, if so, let me know.

1. Should we be paying closing costs? I've heard lots of conflicting information about this from "You should get grants to cover closing costs" to "the seller should pay most of the/if not all of the closing costs.".

Mrs. Meanmercer sez:This should have been included in your first offer. It is a buyers market and you should have asked for it in your offer. If you didnt re write the contract and ask for closing costs. Closing costs vary so you could pay $3000 or more.

You can pay yourself or ask the seller to pay for you. there are grants given out in April to cover closing costs or down payment.

2. Should I pay a loan origination fee for a lower interest rate?

Mrs. Meanmercer sez no. If you want a lower rate you can buy it down. Usually people charge loan orig. fees if they arent making much on the loan. Do you really want to give someone an extra $1000 or more so you can have a lower rate when you could have shopped around to find a better rate. They are competing for your business. Tell them you found a lower rate somewhere else and then they will drop their rate. If not move on to the next mortgage company.

3. Any and all stories and advise would be extremely helpful.[/QUOTE]