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aewood_gw

New to the board... Couple of questions!

aewood
16 years ago

Hi! Wow I just found this board and what a wonderful resource it is for people building a home!

My husband has worked for a very large residential/commercial construction company since he graduated from college, and is going to be building us a house starting in April.

On Thursday we have a meeting with one of two banks in the area that allow self builds. Over the phone the mortgage consultant that we are going to meet with quoted us a closing cost price of $8000-$10000. I read a great thread already on here where someone suggested negotiating the loan origination fee, but before we get in there I just wanted your opinions regarding whether or not that seems high? We feel like that is very high considering it does not include a year of taxes or insurance, and obviously does not include our down payment. I don't have the closing cost disclosure yet so I don't know the exact break down of fees.

Also, in addition to our down payment on the overall loan they want 25% down on the land even though it is included in the overall loan. We were wondering if they would possibly wave that considering how much equity will be in the property by the time we're done? (It will be assessed for a few hundred thousand more than we will have put into it)

Thanks to anyone who reads this! Again, great board!!

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