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08-25-2009, 09:37 AM
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first time home buyer. I have a mortgage for
250,000. My lender is telling me closing costs will be 20,000? I am buying my first home and feel like i may be taken advantage of by my lender. My rate is fine (5.75%), and it is for a $250,000 mortgage. My lender told me that my closing costs would be $20,000 (8%). Everywhere I look the standard appears to be 3%. What am I missing? I am in Maryland and the taxes on the home are $3500/year. Please help me not get taken advantage of.
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