I am in the same boat. I have also learned that realtors are a complete sham and "closing costs" are just a made-up number to rip buyers and sellers off.
I am in the same boat. I have also learned that realtors are a complete sham and "closing costs" are just a made-up number to rip buyers and sellers off.
that's what my husband always said @pastbastard
as a wife, i nagged him too much for getting us our own home, as renting is nuts here in Canada and we are in the north, far from everywhere, and everything is super expensive, as in grocery and properties! crazy. a house that should only worth around 200-300 K in other parts of Canada, would cost almost a million in our small city of only 20k people and the amount of realtors? unbelievable, thriving for sure but one can see how the houses aren't that good, yet these realtors could sell, sell, sell, its crazy.
Mostly our closing costs have been pretty transparent. The loan processing bank (who isn't the underwriter, so gets none of the interest) charges a loan initiation fee. The title company charges a processing fee (to research the title history, including a trip to the court house to pull physical records). The assessor charges a fee. The realtor get a commission (which he worked pretty hard for). The inspector charges a fee.
Beyond that, no other fees listed... and the rest of the closing credit we got from the seller goes towards reducing our mortgage principal.