Closing Cost. First time home buyer

Average closing cost for $380,000 and 10,500 for taxes.

Thanks

Re: Closing Cost. First time home buyer

Varies on how much you're actually financing & bank fees.

I financed $332K (house was $415K), with $10,500 taxes. Our closing costs were approx $13K-$14K, 5-7% of amount you are financing will give you a good estimae.

Re: Closing Cost. First time home buyer

Are you preapproved?

If so, talk to your loan officer. He/she will give you a much better estimate than the info you will get on here. It depends on the lender, the type of loan, the mortgage amount, etc.

If you are not preapproved, you should get a preapproval asap! You will need one to make an offer on a house, plus, you really want to know what you qualify for (and look at what rough monthly payments would be at that price point, and adjust downward if necessary). Plus, it's great to have a mortgage resource who can answer questions and guide you re: what type of loan will work best for you and other issues. The financing piece is so key when you are even thinking about buying a home.

But as a rough estimate, I would say $15K, give or take a couple of thousand either way. If you want to be conservative, figure 6% of the amount you are financing. So if you are going to get a mortgage for $300K, figure $18K in closing costs, max.

Closing Cost. First time home buyer

We will financed $235k.House $390k

Message edited 2/3/2014 3:03:13 PM.

Re: Closing Cost. First time home buyer

we bought our house in October for $377,500 taxes around $11k.. our closing costs were around $15k

Closing Cost. First time home buyer

Estimate about 6% of the purchase price.

Re: Closing Cost. First time home buyer

I am closing on a house for $380K with $12K in taxes

my GFE is for $21K

but that's everything from lawyer to appraisal, title, survey