Closing costs--approx how much out of pocket

I left a message for my mortgage broker yesterday and he probably fled the county because he's sick of hearing from me! Lol! Anyway, we are going into contract this week and I was trying to figure out how much more I have to pay out of pocket. I am not sure what to base my number off of (I know that I am going to get something from the broker but I wanted to see if I can get a ballpark figure of what to expect

Numbers are as follows:
275,000 price of house
Taxes 8700.00
FHA loan so 3.5% dp
Sellers concession of 10k

Any help will be appreciated!
TIA!

Closing costs--approx how much out of pocket

I feel like it's based on a number of factors. I paid $252k, taxes were $7500 and put down 6% for a conventional loan, and mine were 17k. My taxes were a bit less. We went to closing 11/20 and because taxes were due 12/1 we had to front an estimated tax payment of $3900. We got some back in January but we found out the night before we closed we needed an extra $3900. Factored into that are other costs, so you pay up front like a week before closing 1 year of home insurance and have to send to the bank/ attorney to close the loan, um and little fees, the remainder of my attorneys fee, stuff like that. My bank was also strict with having 6 months payment in the bank. I'm not sure how an FHA works because I know the loans and laws are different than conventional. Those costs are just an rstimate they tell you a day or 2 before how much everything comes to. Just have extra money to be honest.

Message edited 8/13/2017 10:24:16 AM.

Re: Closing costs--approx how much out of pocket

When we bought our house (2005) we put nothing down, it was $412,500K and our closing costs were around $12K. Ridiculous.

Closing costs--approx how much out of pocket

I think the "norm" for total closing costs is usually between 4% and 6% of the mortgage amount

Re: Closing costs--approx how much out of pocket

Posted by Hofstra26

When we bought our house (2005) we put nothing down, it was $412,500K and our closing costs were around $12K. Ridiculous.

Re: Closing costs--approx how much out of pocket

ours were close to 30k so annoying. fees everywhere!

Closing costs--approx how much out of pocket

I think around 14k. House was in the low 400's, conventional loan.

Closing costs--approx how much out of pocket

We bought in May and our closing costs were $12Kish.

Closing costs--approx how much out of pocket

my house was 260k and we put down 9600. our total closing was almost 14k all of which was in a concession.

Message edited 8/15/2017 12:53:45 PM.

Re: Closing costs--approx how much out of pocket

Crashing. For those that have/had a sellers concessions, how does that work? We are in contract now and do not have a buyers agent. The mortgage company we are working with is estimating closing costs to be $20-25,000. We are getting a coventional 30-year-fixed. I have heard about concessions on the closing costs, just not sure how to go about doing it.

Re: Closing costs--approx how much out of pocket

Posted by tray831

Posted by Hofstra26

When we bought our house (2005) we put nothing down, it was $412,500K and our closing costs were around $12K. Ridiculous.

Wow, you were pretty lucky.
That's pretty low for what you paid.

My costs were double that amount; and not too far from your price either.

Closing costs--approx how much out of pocket

Someone correct me if I am wrong but I think one of the things that makes the closing costs high is if the home owner had just paid the property/ school taxes for the year, the buyer would reimburse them for the taxes. So if the closing happens right after the taxes were paid, that would a make difference.

Re: Closing costs--approx how much out of pocket

Closing costs--approx how much out of pocket

Thanks so much everyone! This was very helpful to me!

Closing costs--approx how much out of pocket

Just looked. We bought our home in June of 2014 for 340k, put 20% down (68k) and total closing costs were $12,367.41. We did a first home mortgage program that credited us $7500 towards closing costs, so we actually paid $4867.41

Message edited 8/21/2017 8:05:20 AM.

Closing costs--approx how much out of pocket

Wow, we put out about 20k in 2015.