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Mark_Ferguson

About

Username
Mark_Ferguson
Joined
Visits
585
Last Active
Roles
Member, Administrator, Blueprint Customer
Posts
683

Activity

  • spencen
    If you are still interested in Hard cash, I have access to Hard money with the best rates around. Reply for more info. thanks!
    May 1
  • Jeff
    Can I ask a question also? I want to do a cash out refi on 2 rental properties is the cash I take out taxable income?
    February 2016
  • jan.rich2
    Can I ask a question here? I'm totally confused on closing costs. I have a cost estimate worksheet from a bank that I'm pre approved at for a mortgage amount of  $42500. These closing costs just seem to me to be way too much. They work out to about 11.5% of the mortgage amount. Can you tell me if these are normal.

    Loan origination -- $0
    Processing fee -- $500
    Underwriting fee -- $500
    Document preparation fee -- $200
    Tax transcripts -- $14.31
    Appraisal fee -- $400
    Credit report -- $30.64
    Tax service to -- $95.00
    Flood certification / life of loan -- $12.00
    Title service -- $499.54
    Owners title insurance -- $40.50
    Lenders title insurance -- $584.50
    Endorsements -- $200
    Recording fee -- $350.00
    Transfer taxes -- $1500.00  -- This one is wrong - Transfer taxes in Philadelphia are 4%, so a $50000 property is $2000
    Total -- $4926.49 -- about 11.5% of the $50000 purchase price

    Is this normal?
    December 2015
    • Mark_Ferguson
      Mark_Ferguson
      The problem is the loan amount is so small and the transfer tax. You take off that transfer tax and your at about 3,000 which is aboit right. Lenders have base fees and the lower the loan the higher percentage those fees will be.