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Two4now
LIF Zygote
Member since 5/14 21 total posts
Name:
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Closing costs
What would be considered average closing costs? My lender is estimating 9-10% of the cost of the home. From what I am reading that is very high. We are applying for an FHA loan.
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Posted 8/26/16 10:10 PM  |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Closing costs
It's usually 3-5% of the house cost
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| Posted 8/27/16 12:51 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Closing costs
$499 at valley national bank plus your taxes and insurance. Home owners insurance is about $1000.
Wells Fargo said it was 2% of the loan.
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| Posted 8/27/16 7:23 AM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Closing costs
Mine was 7% on a conventional loan
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| Posted 8/27/16 11:40 AM |
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Two4now
LIF Zygote
Member since 5/14 21 total posts
Name:
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Closing costs
I am being quoted 25-30K on a house selling For 305K!!
Edited to add: please recommend your lender for an FHA loan.
Message edited 8/27/2016 4:48:53 PM.
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| Posted 8/27/16 4:42 PM |
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Re: Closing costs
Posted by VickiC
It's usually 3-5% of the house cost
It's actually usually 3% to 5% of the MORTGAGE LOAN amount, not the price. Higher side v. lower side depends on the type of loan, taxes, timing of closing, etc.
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| Posted 8/27/16 8:28 PM |
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LInMI
LIF Adult
Member since 7/10 1800 total posts
Name:
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Closing costs
We don't have an FHA loan. Closing cost for us was about 5% of loan amount.
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| Posted 8/29/16 8:19 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Closing costs
The amount you have to put down at closing depends if you escrow or not. Usually closing costs if you don't escrow your taxes is about 3% of the mortgage amount.
If you escrow you need to add another 8 months of monthly property taxes and a year of homeowners insurance.
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| Posted 8/29/16 9:55 AM |
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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Closing costs
Closed in April, House was $430K and closing was just under $20K :(
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| Posted 8/29/16 2:44 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Closing costs
Things you can expect to pay with an approximated price:
Title Insurance to make sure you are protected that the title of the home is free from judgements, creditors, liens, etc. $1200
Your attorney $1000
Filing fees to the state to record the deed and the mortgage. Note there are per page costs and different lenders have more pages than others which can drive up this fee. $500
Copying fees $200
Taxes if they are escrowing them, then 1/12 the amount of your taxes, so let's say taxes are $12,000, then they will charge two months of taxes if you are closing within sixty days of quarterly taxes. In this example, $2,000 at closing. Even if not escrowing your taxes, you will still be required to abide by this formula for closing since last October.
Homeowners insurance. I pay $1000 annually, so I am using this as my number.
Depending upon the lender 2-5% of the value of the loan. If jumbo, above $417,000 there are other fees.
Mold, termite, and other inspections $400.
So before the 2-5% you should at minimum expect about 6,000. Then, there are other fees for FHA as you are only putting down a small downpayment so they want to have some money to help the bank with the risk of a FHA mortgage defaulting. If you are borrowing 300,000 with a 5% fee, that is 15,000 plus the prior 6,000 would equal 21,000.
You may also have to prepay between 3-9 months of taxes and other fees for the FHA loan. I would expect 25,000 to be an average, but you will need to call all lenders or a mortgage broker.
I would look into a credit union. It is really expensive to buy a house. Some people roll closing costs into the mortgage. I am not sure if you can do that with a FHA mortgage though.
Message edited 8/29/2016 11:17:37 PM.
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| Posted 8/29/16 11:01 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Closing costs
mine was about 4%. i HIGHLY recommend my mortgage broker Justin Schiatta. I used him for my original loan and I just refinanced with him again. absolutely love him and he makes the whole process so painless. If you reach out tell him Diana sent you. He's also an LIF vendor.
Justin Schiatta
direct 718-907-7411
cell 631-879-8399
[email protected]
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| Posted 8/30/16 9:56 AM |
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worrywort
LIF Infant
Member since 2/12 161 total posts
Name:
meghan
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Closing costs
I have nothing but amazing things to say about Mario Corleto at Financial Equities. He went above and beyond and answered me at all hours. We did FHA ON A 250k house and paid just over 17k at closing.
**edited to say we closed last month
Message edited 9/1/2016 10:23:59 PM.
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| Posted 9/1/16 10:21 PM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Closing costs
We had a conventional loan and our closing costs were around 7% of the mortgage amount.
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| Posted 9/7/16 9:08 AM |
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loanDepot
LIFamilies Business
Member since 4/16 2 total posts
Name:
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Re: Closing costs
Hello,
Closing cost will vary depending on the county, loan amount, and escrows being collected. 7-10% is outrageous. Depending on what the property taxes are, total closing cost should fall within the 4-6% range of the total loan amount. Feel free to reach out for a quote. We have extremely competitive rates and phenomenal service.
Diana,
Thank you for your kind words :) It has truly been a pleasure doing business with you.
Justin Schiatta
NMLS #115343
[email protected]
(631) 879-8399
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| Posted 9/7/16 3:53 PM |
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