closing cost question.. 2005 buyers

myasmom Posted: Jun 14, 2005 06:02 PM

closing cost question.. 2005 buyers

For those who nbought a home over 400k..what were your avg closing costs?

DjPiLL Posted: Jun 14, 2005 07:40 PM

Re: closing cost question.. 2005 buyers

If you go on http://www.eloan.com .... I have found this site to be a very good estimator of what your closing costs will be.

Just fill out one of the quick loan apps (doesn't run your credit unless you give them personal info and actually apply)... and they will give you all your approximate closing costs based on where you are buying the house.

Don't forget to put the zipcode that the house is located in!

belle31125 Posted: Jun 14, 2005 09:26 PM

Re: closing cost question.. 2005 buyers

I think ours was about 12,000

m&m Posted: Jun 14, 2005 09:55 PM

Re: closing cost question.. 2005 buyers

Our lawyer estimated 10-12k

HearzBellz Posted: Jun 15, 2005 10:15 AM

Re: closing cost question.. 2005 buyers

16,000 for a home less than $400,000 in W Babylon

ETA: our lawyer estimated $12,000

patti08 Posted: Jun 15, 2005 10:25 AM

Re: closing cost question.. 2005 buyers

Did you get a good faith estimate from your mortgage broker?

Ours was very detailed.

m&m Posted: Jun 15, 2005 10:26 AM

Re: closing cost question.. 2005 buyers

Posted by HearzBellz

16,000 for a home less than $400,000 in W Babylon

ETA: our lawyer estimated $12,000

OMG! They get you coming and going w/ all of this don't they!

vita930 Posted: Jun 15, 2005 10:34 AM

Re: closing cost question.. 2005 buyers

We got an estimated of about 15K for house that's over $500K.

myasmom Posted: Jun 15, 2005 12:58 PM

Re: closing cost question.. 2005 buyers

We think its going to be around 20k but we used a broker..however he is going to take off the discount fee aka point charge so thats like 4200.00 off the closing costs so I hope that brings it down to 16 like I hope!

PinkRose Posted: Jun 15, 2005 09:47 PM

Re: closing cost question.. 2005 buyers

Our house was $403K and the closing was approx. $14,000. It all depends on how much you borrow towards the house.

Jo Ann Posted: Jun 15, 2005 10:25 PM

Re: closing cost question.. 2005 buyers

our loan was for 410k and our closing cost were 21k, we closed in Dec and ended up paying a good huge chunk of our taxes b/c the first quarter taxes were due in Jan or Feb.

myasmom Posted: Jun 16, 2005 08:18 AM

Re: closing cost question.. 2005 buyers

Posted by Jo Ann

our loan was for 410k and our closing cost were 21k, we closed in Dec and ended up paying a good huge chunk of our taxes b/c the first quarter taxes were due in Jan or Feb.

did you use a broker?

HearzBellz Posted: Jun 16, 2005 09:37 AM

Re: closing cost question.. 2005 buyers

Posted by m&m

Posted by HearzBellz

16,000 for a home less than $400,000 in W Babylon

ETA: our lawyer estimated $12,000

OMG! They get you coming and going w/ all of this don't they!

Oh yeah.......it kicks your @ss a bit to first get in. But then you do not have to make a mortgage payment for 3 - 6 months (depending on the closing details and the lending bank), so it works out later on.

myasmom Posted: Jun 16, 2005 10:20 AM

Re: closing cost question.. 2005 buyers

Posted by HearzBellz

Posted by m&m

Posted by HearzBellz

16,000 for a home less than $400,000 in W Babylon

ETA: our lawyer estimated $12,000

OMG! They get you coming and going w/ all of this don't they!

Oh yeah.......it kicks your @ss a bit to first get in. But then you do not have to make a mortgage payment for 3 - 6 months (depending on the closing details and the lending bank), so it works out later on.

I thought the first mortgage payment was due a month later I am confused

DjPiLL Posted: Jun 16, 2005 10:36 AM

Re: closing cost question.. 2005 buyers

Posted by HearzBellz

Oh yeah.......it kicks your @ss a bit to first get in. But then you do not have to make a mortgage payment for 3 - 6 months (depending on the closing details and the lending bank), so it works out later on.

Are you sure you are not confusing this with a property tax payment?

I have never heard of a mortgage payment being delayed any more than two months after close.

However it is common to place money into a property tax escrow at closing which will cover your first 3-5 months of taxes.

I just did a GFE on my own... and for a 400k house with 20% down and 6k a year in taxes... my closing costs came out to about $11k. That included 2k worth of future property tax payments... and 1k worth of homeowners insurance.

Blu-ize Posted: Jun 16, 2005 12:06 PM

Re: closing cost question.. 2005 buyers

Posted by DjPiLL

Posted by HearzBellz

Oh yeah.......it kicks your @ss a bit to first get in. But then you do not have to make a mortgage payment for 3 - 6 months (depending on the closing details and the lending bank), so it works out later on.

Are you sure you are not confusing this with a property tax payment?

I have never heard of a mortgage payment being delayed any more than two months after close.

However it is common to place money into a property tax escrow at closing which will cover your first 3-5 months of taxes.

That's about right.
I just did a GFE on my own... and for a 400k house with 20% down and 6k a year in taxes... my closing costs came out to about $11k. That included 2k worth of future property tax payments... and 1k worth of homeowners insurance.

Blu-ize Posted: Jun 16, 2005 12:06 PM

Re: closing cost question.. 2005 buyers

Posted by Blu-ize

Posted by DjPiLL

Posted by HearzBellz

Oh yeah.......it kicks your @ss a bit to first get in. But then you do not have to make a mortgage payment for 3 - 6 months (depending on the closing details and the lending bank), so it works out later on.

Are you sure you are not confusing this with a property tax payment?

I have never heard of a mortgage payment being delayed any more than two months after close.

However it is common to place money into a property tax escrow at closing which will cover your first 3-5 months of taxes.

That's about right.
I just did a GFE on my own... and for a 400k house with 20% down and 6k a year in taxes... my closing costs came out to about $11k. That included 2k worth of future property tax payments... and 1k worth of homeowners insurance.

Oops, meant to put this here:

That's about right.

IrishBride-05 Posted: Jun 16, 2005 01:38 PM

Re: closing cost question.. 2005 buyers

Our closing costs were lower than the good faith estimate because we got a credit for something that I wasn't going to question. We paid our insurance in full ourselves, so that lowered it a bit too. We paid 6 months taxes in escrow and the costs were $10,200. I was very relieved!

ETA: apart from the actual cost of the house, we borrowed under $400K.

Blu-ize Posted: Jun 16, 2005 02:24 PM

Re: closing cost question.. 2005 buyers

We borrowed $330,000. We paid 10,000 in closing costs. The good faith estimate was $13000. We got back a check at closing. That was nice!!!

ETA: There are a bunch of junk fees associated with closing costs that you may be able to get the bank to waive. Especially if you are dealing directly with the bank and not a broker.

myasmom Posted: Jun 16, 2005 07:56 PM

Re: closing cost question.. 2005 buyers

Posted by Blu-ize

We borrowed $330,000. We paid 10,000 in closing costs. The good faith estimate was $13000. We got back a check at closing. That was nice!!!

ETA: There are a bunch of junk fees associated with closing costs that you may be able to get the bank to waive. Especially if you are dealing directly with the bank and not a broker.

\
We are not putting 20% down. And actually the bank was giving us the worse rate The broker however is not charging points just his fee which we are fine with and the best is no PMI.