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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Closing Cost ???
I've heard so many people say that the closing costs were so much more than they expected when it came time to actually write the checks.
Where did the extra costs come from?
I have the GFE and they're already super high....I'm wondering what else I could possibly be charged for.
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Posted 6/4/09 4:25 PM  |
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Prudential Douglas Elliman Real Estate
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Closing Cost ???
for a 200-230K mortgage its roughly 9K for a FHA loan, then one year's worth of home owners insurance, the rest of the year's taxes and the lawyer fee. This our estimate.
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| Posted 6/4/09 4:27 PM |
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Moon
LIF Infant
Member since 8/08 129 total posts
Name:
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Re: Closing Cost ???
It is so difficult. We are going through this right now. Co-op is less for closing costs but more down but buying a condo costs more to close with less down. In the end the money out of pocket works out to be about the same...
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| Posted 6/4/09 4:31 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Closing Cost ???
Rule of thumb is usually 4% of the price of the house... We actually got money back when we closed
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| Posted 6/4/09 8:00 PM |
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SnickNNick
In our new house!!
Member since 8/08 2119 total posts
Name:
Nicole
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Re: Closing Cost ???
The numbers on our GFE were pretty accurate. We were totally prepared...I would talk with your mortgage broker or whoever prepared your GFE and make sure you understand what all the costs are and what any other costs will be...then you should be fully ready. good luck!
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| Posted 6/4/09 8:33 PM |
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Re: Closing Cost ???
When we closed on our first home, we found out we needed an extra $4,500. I nearly fainted and was so lucky that we had that. If we didn't have that cash we would have had to walk away. We took a mortgage out for $300K and we paid $21K!!! We used a broker and I think there were a lot of hidden fees.
With our second home we used a bank and our closing costs were $9100. We got back I think a hundred dollars from what the GFE stated. The taxes were $500 more than what we were previously paying, the mortgage we took out was more than our first home.
We did buy our first home in NY and second in NJ so I don't know if that makes a difference but I couldn't believe how the drastic the closing costs were.
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| Posted 6/4/09 11:43 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Closing Cost ???
our loan advisor told us between 3 and 4% of the cost of the home.
we are doing a seller's concession of 3% and we will pay the rest in cash.
Message edited 6/5/2009 9:21:21 AM.
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| Posted 6/5/09 9:21 AM |
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Shelleybean11
Mommy of 2!
Member since 12/08 11013 total posts
Name:
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Re: Closing Cost ???
We wound up needing an extra 6k that we found out about at 8pm the night before our closing! Turned out that the title company wanted 6 months of taxes on top of the mortgage company who was already taking 3 months  Needless to say we were not properly prepared for that but we were able to pay it, fortunately. I think it came out to 4% of the cost of our home.
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| Posted 6/5/09 9:31 AM |
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