mild panic attack regarding closing costs

Okay, I'm trying to remain calm, but I'm also trying to make sure we stay in good financial health. I'm afraid that our closing costs may prevent us from being able to purchase the home we have made an offer on. (Luckily, we have not gone to contract or put down a dime and the engineer is coming out tomorrow for the inspection.)

I realize this is a HUGE imposition and I understand if no one wants to respond, but is anyone willing to itemize their closing costs (excluding attorneys fees)? Or at least guesstimate what they were?

There are things I'm really convinced are nowhere near accurate on my good faith estimate, namely title search, title insurance, recording fee, tax stamps, and survey fee. Even just knowing what those should cost would be a huge help in my planning.

I also don't see mortgage tax on my good faith estimate. Is it possible that is called something else?

Message edited 3/30/2007 10:29:54 AM.

Re: mild panic attack regarding closing costs

why dont you ask for a sellers concession for closing costs that way you dont have to pay upfront- you roll them into your mortgage. you would need to ask the seller for this though.

Re: mild panic attack regarding closing costs

You should figure that the closing costs wll be between 3% and 6% of the purchase price of the house, is the # on your GFE close to that? Also, you should have your attorney look over it, s/he can tell you if every thing looks accurate and/or if something is missing.

Re: mild panic attack regarding closing costs

our closing costs were 15k
which was 4% of our purchase price of 465k!

Re: mild panic attack regarding closing costs

Re: mild panic attack regarding closing costs

Re: mild panic attack regarding closing costs

I see, thanks for explaining that.

I will call our attorney and ask if this is an option at this point in time...

Re: mild panic attack regarding closing costs

I just looked on our gfe and our actually closing papers.
The GFE had that we would owe a total of $11,707.37 and on our HUD it was $17,800.59. Now we did have a $15K sellers concession and thought that would be enough and we didn't know we were going to another $3K until around 10am the day of the closing and we were scheduled I think for around 3pm. I was flipping out because on top of that $3k I knew I needed checks for the attorney fee's, title person (I think they consider it a tip) and some other things. It nearly wiped our bank account dry.

Definitly look over everything. We didn't becuase we thought our attorney would be honest with us since he was client for the company I worked for but I just saw a $50 currier charge on my hud

Re: mild panic attack regarding closing costs

I will FM you later about this!

Re: mild panic attack regarding closing costs

Re: mild panic attack regarding closing costs

oh and KARA- RELAX, IT WILL BE OK!

Re: mild panic attack regarding closing costs

Re: mild panic attack regarding closing costs

I did know that our GFE was close to what the actual closing costs were. But since we closed at the beginning of the month rather than the end we owed more because of interest on the loan. We set aside $20,000 for closing and if we owed less, we would be happy. we did owe less.

Message edited 3/30/2007 11:03:22 AM.

Re: mild panic attack regarding closing costs

Re: mild panic attack regarding closing costs

I just called our attorney and she made me feel much better. She said that our closing costs should be around $15,000 at the high end and she's going to go over our good faith estimate, too.

I'm sending that to her now in the mail, and I will start to get my heart rate back down to normal.

She said we wouldn't have to pay 10 months of taxes up front. Whew!

Re: mild panic attack regarding closing costs

Re: mild panic attack regarding closing costs

Mine are 15K , but HALF of that is the up front taxes. GRR

Re: mild panic attack regarding closing costs

Ours were estimated at around $15K. I do know different lenders will list different amounts though, and sometimes the estimates are pretty accurate, and sometimes you may owe more money than you thought.

It is ridiculous that there is so much addtl. money involved in buying a house. I'm sorry that this may not work for you!

Re: mild panic attack regarding closing costs

Pretty sure I was just in panic mode... I talked to the attorney and looked again at the number and we have more than enough to close, should all go well with the engineer's inspection and going to contract, etc.

I think I have sticker shock!

Re: mild panic attack regarding closing costs

everyone tells me it is 15000 to close...That is all we have "extra so I hope it is only that amount!