We're getting a mortgage and we were told our closing costs would be between $4,000-$5,000. Today our lender sent an estimate at over $11,000, after I talked to the lender yesterday. The reason given was "
The reason that seems high is that when switching back to a Conventional loan, and because we use Fannie Mae as the regulatory bank, we charge LLPA points(Loan Level Price Adjustment points) based on credit score and loan to value of the home.These do not increase your interest rate, but they will add to your closing cost.The value of the home will not be an issue, but a less than perfect credit score, in this case a 647 does change the closing cost by $5,101.25
This was all known to them every time I've spoken to them. Is this normal, or is there anything I can do about this?
Submitted November 09, 2021 at 10:31AM by mojo4394 https://ift.tt/3BXABNp
