Mortgage Blog

Q: I'm purchasing a townhouse in Oakland. The price is
about $480,000, 20% down payment. I think most likely
I will go for 30-year-fixed rate. Could you please get
an estimated fees?I pay 60%/40% of the city
transfer taxes.

A: 1)Since it's a condo, I will recommend 25% down; otherwise the rate
will be about 0.25% to 0.375% higher.

2)Your closing cost is unfortunately high. It's around $10k.
The city transfer tax will be around 15*0.6*4800= $4320, plus the
standard closing cost around $6000.
You can check the other itemized closing cost at
http://www.ericfang.com/Alameda_ClosingCost

3)Because of the higher closing cost, your rate will be 5.375%
for no closing cost; 4.875% with $1500 credit to the closing.

Note: the borrower was so surprised about the high closing cost.
Please click the link on www.ericfang.com/Closingcost for the
detail of the closing cost.