Closing costs

pinky424 Posted: Jul 14, 2004 03:06 PM

Closing costs

What is the average and what is to high.

swags1016 Posted: Jul 14, 2004 03:15 PM

Re: Closing costs

It depends on the price of the home. Also your mortage company should be giving you a good faith estimate and for us it was pretty close.

pinky424 Posted: Jul 14, 2004 03:19 PM

Re: Closing costs

When I met with the mortgage advisor he told me $5000 higher than the good faith estimate I received in the mail this week. The price on the good faith is what I can afford without going nuts. THANKS!

Misha Posted: Jul 14, 2004 03:20 PM

Re: Closing costs

It depends on more than just the price of the home. Taxes, month and date of closing and interest rate all play a part in total closing costs.

pinky424 Posted: Jul 14, 2004 03:23 PM

Re: Closing costs

What is the best month/date to close on?

Karen62794 Posted: Jul 15, 2004 03:48 PM

Re: Closing costs

I think our closing costs were around $10K. Better to estimate higher than lower.

We closed around the 10th of the month. I'm not sure if it's better to close at the beginning or the end. I assume the end, but I could be wrong.

AmyKay Posted: Jul 16, 2004 09:54 PM

Re: Closing costs

I was always told a little bit less then 5% of the cost of the home

melijane Posted: Jul 19, 2004 05:18 PM

Re: Closing costs

Don't forget mortgage tax: everyone pays that in NY 1.5% of the purchase price. You don't want to close when the taxes are due within 90 days because then the title company is required to collect the taxes at closing. You will also pay title fees. If you are a negotiator you can try to negotiate some of these fees such as: departmental searches, contin fees, locating survey fees. You will have to pay the title closer their 'pickup fee' usually 175-225. Many people give the title closer a tip from 50-100. Also mortgage broker fees which can vary but should not be more than 2% of the total purchase price

Jenn524 Posted: Jul 19, 2004 06:05 PM

Re: Closing costs

Close towards the end of the month. You'll have lower closing costs because they wont hit you with as much interest in escrow.

DjPiLL Posted: Jul 19, 2004 09:58 PM

Re: Closing costs

Posted by melijane

Don't forget mortgage tax: everyone pays that in NY 1.5% of the purchase price. You don't want to close when the taxes are due within 90 days because then the title company is required to collect the taxes at closing. You will also pay title fees. If you are a negotiator you can try to negotiate some of these fees such as: departmental searches, contin fees, locating survey fees. You will have to pay the title closer their 'pickup fee' usually 175-225. Many people give the title closer a tip from 50-100. Also mortgage broker fees which can vary but should not be more than 2% of the total purchase price

Again... I will bring this up again. Since when do you tip the title guy? Thats INSANE. Show me a link in some tipping ettiquite online where you tip the title guy and ill be a believer.

You are already paying for a title search... practially paying the title guy to do his job. Why give him extra cash? What is he doing for you? Nothing he wouldn't do if you didnt tip him.