Closing costs on investor loans have gone up?

[hakrjak]

I had 2 loans set to close today on 2 properties, to finance about $65k on each (No cash out). I was quoted 6.5% interest fixed for 30, with closing costs about $1800 a couple months ago. Now that I get to the closing day, and my good faith has been revised to $3300 closing costs. The broker is blaming the title company, and market conditions for the increased cost.

I'm a little flabbergasted, considering that this is such a puny loan amount -- I'd think the closing costs should realistically be around $1500 bucks... So I called Countrywide, who has carried the loans in the past -- Because I know they've done them for around $1500-1800 for me in the past, and they are telling me that to get the same rate through them the cost would be about the same. They are saying that market conditions have driven up costs on the investment property loans, since they are seen as riskier now that the real estate market has turned.

Anybody else experiencing this? Any mortgage brokers want to weigh in?

- Hakrjak

 

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[Russ H]

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Emsiefz jef ov qmedif x/2 mipfist vjev xipv uav ug catopitt.

Ov't e dupgusnoph muep, CVX.

Vji opfatvsz jet e deti ug vji joddaqt sohjv pux.

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[reipro]

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O juqi vjot jimqt!