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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
Name:
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How much should I expected to pay in closing costs?
I can NOT keep this all straight.
1st I have the down payment
Then I have the inspector fees
Then my lawyer fees
Then the closing costs??
Im wondering how much I should expect to pay? 320,000 taxes $9,900. Shes using Century 21. Im using Redfin (which is supposed to help me Im told)
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Posted 8/26/11 3:03 PM  |
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MarsB
LIF Adult
Member since 11/10 1456 total posts
Name:
Martha
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Re: How much should I expected to pay in closing costs?
I would guess btwn $15k-$18k. Whoever you're getting your mortage through should give you a breakdown.
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| Posted 8/26/11 3:54 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: How much should I expected to pay in closing costs?
i had a $400K loan with $10K taxes and my CC were about $13K.
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| Posted 8/26/11 4:03 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: How much should I expected to pay in closing costs?
Our sale price is $310,000 but we're only mortgaging $248,000. Our taxes are $6,500.
We're being told our closing costs will be about $17K.
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| Posted 8/26/11 4:31 PM |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
Name:
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Re: How much should I expected to pay in closing costs?
Good God! If they are not able to roll in the closing costs than I simply dont think I can do this.
IDK... they told me the short sale would take a long time, but now after were getting the ball rolling shes telling me it could be as fast as 60 days?! I was hoping to have a couple more weeks to save LOL
Luckily Ill be back to work in September and child support should start in October. I just need to get over this hump.
Message edited 8/26/2011 5:43:22 PM.
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| Posted 8/26/11 5:37 PM |
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Lauren82
LIF Adult
Member since 10/06 4580 total posts
Name:
L
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Re: How much should I expected to pay in closing costs?
We are only mortgaging $173,000 and our closing costs are about $12,000. That doesn't include the million other fees (taxes to homeowner, oil to homeowner, lawyer)
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| Posted 8/26/11 6:39 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: How much should I expected to pay in closing costs?
Our CC are estimated to be about $15-18k. We knew from the start we wouldn't be able to afford closing costs so we got a seller's concession. So our purchase price for the house is $305750 + the closing costs. We are borrowing $312k and change. It's an FHA if that makes any difference.
Oh and this does not include attorney's fees for us or the bank because my Uncle is doing this for free.
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| Posted 8/26/11 6:45 PM |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
Name:
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Re: How much should I expected to pay in closing costs?
Posted by ElizaRags35
Our CC are estimated to be about $15-18k. We knew from the start we wouldn't be able to afford closing costs so we got a seller's concession. So our purchase price for the house is $305750 + the closing costs. We are borrowing $312k and change. It's an FHA if that makes any difference.
Oh and this does not include attorney's fees for us or the bank because my Uncle is doing this for free.
My loan would be an FHA too and my lawyer fees are free though work. I should have included the closing costs while getting preapproved?? When do I mention this?
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| Posted 8/26/11 7:46 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: How much should I expected to pay in closing costs?
my closing costs came to about the avg 3% of purchase price
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| Posted 8/26/11 10:27 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: How much should I expected to pay in closing costs?
Posted by fdnywife
Posted by ElizaRags35
Our CC are estimated to be about $15-18k. We knew from the start we wouldn't be able to afford closing costs so we got a seller's concession. So our purchase price for the house is $305750 + the closing costs. We are borrowing $312k and change. It's an FHA if that makes any difference.
Oh and this does not include attorney's fees for us or the bank because my Uncle is doing this for free.
My loan would be an FHA too and my lawyer fees are free though work. I should have included the closing costs while getting preapproved?? When do I mention this?
I could be wrong but I think your preapproval is just the total of the mortgage which could either include the concession (closing fees) or not. The seller has to agree to the concession because they would be getting a certain amount of money and then rest is for closing costs and not everyone agrees to it. Also I believe the house must appraise for the whole mortgage (purchase price + concession). If you can't afford the closing costs and the house does not appraise, make sure your contract specifies that the deal can be killed or you can renegotiate the purchase price with the sellers, otherwise you will be liable to pay the difference.
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| Posted 8/27/11 1:16 AM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: How much should I expected to pay in closing costs?
we were told (in the beginning) roughly 4.5% of the total price of the home
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| Posted 8/27/11 10:40 AM |
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8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
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Re: How much should I expected to pay in closing costs?
I wouldn't be signing any contract until you know all of the fees. I would speak to your mortgage broker and go over everything again. You don't want to get your self into a financial rut. 
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| Posted 8/27/11 1:14 PM |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
Name:
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Re: How much should I expected to pay in closing costs?
Posted by NYPD-Wife
I wouldn't be signing any contract until you know all of the fees. I would speak to your mortgage broker and go over everything again. You don't want to get your self into a financial rut.
I COMPLETELY agree. 
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| Posted 8/27/11 1:45 PM |
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camkenny
LIF Infant
Member since 4/11 57 total posts
Name:
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Re: How much should I expected to pay in closing costs?
It's usually about 5% of the house price...just works out that way. Anywhere from 12-18k depending your taxes, purchase price, etc.
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| Posted 8/27/11 4:08 PM |
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bayla
Love my two kiddos :)
Member since 8/06 7178 total posts
Name:
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Re: How much should I expected to pay in closing costs?
Posted by ElizaRags35
Our CC are estimated to be about $15-18k. We knew from the start we wouldn't be able to afford closing costs so we got a seller's concession. So our purchase price for the house is $305750 + the closing costs. We are borrowing $312k and change. It's an FHA if that makes any difference.
Oh and this does not include attorney's fees for us or the bank because my Uncle is doing this for free.
Sorry if this is a stupid question but I am new at this. Is the $15-18K additonal, since your getting a concession 7750, or does the 7750 get decreased from the 15-18K, so you pay the difference out of pocket?
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| Posted 8/28/11 10:59 AM |
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