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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Closing Costs
What did you pay?
I got quoted 15K on a home that i saw yesterday...
Thought this was high but i am not sure. Just wanted to get a good idea of what i shold expect!
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Posted 7/3/05 8:57 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: Closing Costs
I think ours were about 9k. But I used a mortgage co. that had a deal with my teachers union, so some of the fees were waived.
It depends on so many things. If you go here you can plug in numbers that you know (down payment, cost of house, etc.) you can get a rough idea without committing to anything. I found it useful.
We had to reimburse the sellers for the taxes they'd paid (like, they paid for all of 2005, so we paid them back for the time after they left.) They also left about $500 worth of heating oil, so we reimbursed them for that at closing. I think a lot depends on the taxes.
Message edited 7/3/2005 9:04:50 AM.
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| Posted 7/3/05 9:04 AM |
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HarleyGirlFLA
Come on in
Member since 5/05 9674 total posts
Name:
Mel
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Re: Closing Costs
under $300.
Our closing costs were meshed with the down payment.
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| Posted 7/3/05 8:10 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: Closing Costs
I questioned everyone I knew who has bought within the last year to two...and it ranged from $500-$15K...With about $10K as the average...
The $500 one was like Harelygirl said meshed in...
My sister just closed on a second home in Februaury and Paid $12K on a $425K house for closing...( In Ronkonkoma)
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| Posted 7/3/05 8:39 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Closing Costs
We were given 13k as an estimate on the home we are buying for 340k.
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| Posted 7/3/05 9:02 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Closing Costs
Posted by HarleyGirlFLA
under $300.
Our closing costs were meshed with the down payment.
exactly what do you mean mesh with your dp?
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| Posted 7/3/05 10:18 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Closing Costs
Posted by MsG
We were given 13k as an estimate on the home we are buying for 340k.
yea the house i was looking at was 359k and she said about 15 more or less.....so i guess it is in ballpark
FRIGHTENING!
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| Posted 7/3/05 10:21 PM |
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Re: Closing Costs
Posted by Redhead
Posted by HarleyGirlFLA
under $300.
Our closing costs were meshed with the down payment.
exactly what do you mean mesh with your dp?
Not sure how it works rolling it into a DP, but one option we came across was tacking on the closing costs to the entire mortgage. For example, if you have to mortgage $300k, and your closing costs will be $12k, you would instead get a mortgage for $312k. Then you are paying the closing costs as part of the mortgage. I have heard, however, that this is not a great idea.
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| Posted 7/3/05 11:50 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: Closing Costs
Posted by MrsProfessor
Posted by Redhead
Posted by HarleyGirlFLA
under $300.
Our closing costs were meshed with the down payment.
exactly what do you mean mesh with your dp?
Not sure how it works rolling it into a DP, but one option we came across was tacking on the closing costs to the entire mortgage. For example, if you have to mortgage $300k, and your closing costs will be $12k, you would instead get a mortgage for $312k. Then you are paying the closing costs as part of the mortgage. I have heard, however, that this is not a great idea.
Different banks charge differenet amounts as do brokers too. tacking it on adds to interest, a lot of people do it though, although I think the best bet is to pay it upfront if you can.
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| Posted 7/4/05 12:57 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Closing Costs
Posted by dm24angel
Posted by MrsProfessor
Posted by Redhead
Posted by HarleyGirlFLA
under $300.
Our closing costs were meshed with the down payment.
exactly what do you mean mesh with your dp?
Not sure how it works rolling it into a DP, but one option we came across was tacking on the closing costs to the entire mortgage. For example, if you have to mortgage $300k, and your closing costs will be $12k, you would instead get a mortgage for $312k. Then you are paying the closing costs as part of the mortgage. I have heard, however, that this is not a great idea.
Different banks charge differenet amounts as do brokers too. tacking it on adds to interest, a lot of people do it though, although I think the best bet is to pay it upfront if you can.
OH well i definately am not looking to put the closing costs into our DP. We have the money and i would rather pay it up front.. I AGREE no need to add interest~
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| Posted 7/4/05 12:28 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Closing Costs
11k of closing costs for me on a 400k house with 20% down.
Part of that is pre-paid property taxes in escrow as well as my first year of homeowners insurance pre-paid.
Not bad IMO.
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| Posted 7/4/05 4:40 PM |
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btrflygrl
me and baby #3!
Member since 5/05 12013 total posts
Name:
Shana
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Re: Closing Costs
ours were around $8K
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| Posted 7/4/05 5:48 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Closing Costs
ahhh so i guess the quote i got was pretty much on target...DAMN that is a lot of money 
thanks everyone 
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| Posted 7/5/05 6:49 AM |
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KaRiSsA
~*~*~*~*~*~*~
Member since 5/05 4646 total posts
Name:
KARISSA
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Re: Closing Costs
Ours were around 10k.
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| Posted 7/5/05 7:56 AM |
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lorimarie
AHHHHHHHHHH!!!!!!!!!!!
Member since 5/05 3753 total posts
Name:
Lori
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Re: Closing Costs
I think the "general" rule is that closing is about 5% of the cost of the home. I think ours came out to about $16K.
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| Posted 7/5/05 11:12 AM |
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unknown1
****
Member since 5/05 2771 total posts
Name:
lisa
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Re: Closing Costs
Posted by Redhead
Posted by MsG
We were given 13k as an estimate on the home we are buying for 340k.
yea the house i was looking at was 359k and she said about 15 more or less.....so i guess it is in ballpark
FRIGHTENING!
I paid 12,500 on a 330,000 cape in massapequa your quotes seem to be accurate !
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| Posted 7/5/05 4:26 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Closing Costs
Posted by unbelievable
Posted by Redhead
Posted by MsG
We were given 13k as an estimate on the home we are buying for 340k.
yea the house i was looking at was 359k and she said about 15 more or less.....so i guess it is in ballpark
FRIGHTENING!
I paid 12,500 on a 330,000 cape in massapequa your quotes seem to be accurate !
DAMN 
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| Posted 7/5/05 5:55 PM |
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HarleyGirlFLA
Come on in
Member since 5/05 9674 total posts
Name:
Mel
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Re: Closing Costs
We are very lucky.
We used the mortgage provider that the builder suggests so because of that the builder paid about $2,000 of the closing costs. Our land served as a downpayment as well and it was a big amount so we meshed the closing cost into the DP. It had no effect on our mortgage or interest rate.
Message edited 7/5/2005 7:49:43 PM.
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| Posted 7/5/05 7:49 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Closing Costs
Posted by MrsProfessor
I think ours were about 9k. But I used a mortgage co. that had a deal with my teachers union, so some of the fees were waived.
It depends on so many things. If you go here you can plug in numbers that you know (down payment, cost of house, etc.) you can get a rough idea without committing to anything. I found it useful.
We had to reimburse the sellers for the taxes they'd paid (like, they paid for all of 2005, so we paid them back for the time after they left.) They also left about $500 worth of heating oil, so we reimbursed them for that at closing. I think a lot depends on the taxes.
Do you mind me asking what mortgage broker dealt with the teachers union. I am a teacher also.
TIA
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| Posted 7/5/05 11:37 PM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: Closing Costs
Mine was about $22,500 - where I live (east end) there is a 2% "land preservation" tax added on.
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| Posted 7/6/05 1:07 AM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Closing Costs
13k AND when we refinanced a yr ago to take advantage of the low rates ANOTHER 12k!!!!! JUST IN CLOSING COST!!!!!!!
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| Posted 7/7/05 12:13 PM |
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lmb03
Stop kissing me!
Member since 5/05 2636 total posts
Name:
L
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Re: Closing Costs
You should estimate your closing costs to be 5-6% of your mortgage.
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| Posted 7/7/05 4:21 PM |
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raken40
soooo in love:)
Member since 5/05 4369 total posts
Name:
Karen
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Re: Closing Costs
we got quoted about $15k on a $430k house
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| Posted 7/7/05 7:24 PM |
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Bugaboo
Relax!
Member since 5/05 2133 total posts
Name:
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Re: Closing Costs
Posted by lmb03
You should estimate your closing costs to be 5-6% of your mortgage.
We just found out our closing costs and it was 5-6% of what we're mortgaging. 
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| Posted 7/7/05 9:24 PM |
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