1.6M home, 500K down pay. Wells Fargo is charging me 3.375% with 7 ARM. Seemed like a good deal but 25K closing? Do you think 25K closing is reasonable? It includes 12 month of home insurance, 6 months of property tax, etc.
New home?
Nope. It was build during 80s
Why such high down payment instead of spreading it across 2 homes?
Tax deduction cuts & rent << mortgage + property tax in bay area
What does this mean
so I don’t think I can make a profit on the second investment property...at least in the bay
What's the closing costs of just the loan. Excluding insurance, property tax etc
That’s low comparing to NYC closing cost
Most of what you described is prepayment. Sounds like Wells Fargo wants to be on solid fiscal footing in case something happens to the housing market.
$25k closing cost that includes your points to buy down. If you are willing to pay down for points, then it doesn't matter if it is good deal or not. Good deal to me is no point, low closing costs. IM me if you want to know competitive pricing from Chase
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