If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
ValeryEsq
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If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
We just got married and are looking at houses. We can afford a house in the 400-450K range (yikes that is soo much money) but not sure how much we need to put down. We don't want to put that much down b/c we would like to get the house ASAP so can we only put down about 3%?
And anyone have a range on closing costs? I am an attorney so I thought I could do my own closing part on that end, but I hear that there is a lot more involved!
Ugh!!! Thanks so much guys!
DjPiLL
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
If you are an attorney... and don't know the answer to those questions... you might want to get a real-estate attorney on the horn. Don't do the closing yourself.
You can put 3% down... but you would need 700+ credit and you will probably be at a high interest rate.
Closing costs are about 15k or so... give or take a few thousand.
ValeryEsq
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
My brother is not a real estate attorney and he too did his own closing so I am confident I can handle it . The credit score is not a problem I just wanted to make sure it can be done and can be done at 3%. Thanks. 15K for closing costs? I thought it was only about 10k? I guess everywhere differs. Thanks for the help.
blushingbridetobe
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
Alot of your closing costs depened on the taxes of the home. Why don't you ask your brother if he is a real etstae attorney? He might be able to provide a better insight. Or even your mortgage broker.
Kate
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
I agree with PP, you really need to make sure that there isn't anything in the contract that could be missed. Plus at an average fee of $900-1200 I think its worth it for someone else to do all the legwork. Getting the title company, filing the deed, fact, figures, etc.... its just a good idea.
Part of the closing costs are the taxes and closing costs in general do vary... so it could be 15k, you should be prepared for that. Its often less than they estimate though if thats any consolation.
The 3% shouldn't be a problem either these days, if the bank is willing to loan 97%. I guess thats why the higher interest rate on low DP's so its worth their while. But you will be looking at PMI and a huge mortgage payment.
HTH
kpny622
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
I'm an attorney and I did my own closing last week and ugh it was such a pain. There were no problems (I've done real estate closings in the past) but I was just so stressed the whole time that next time (if there is one) I'm hiring someone!
Closing costs end up being more than you think, and a lot does depend on the taxes. You have to plan for between 10K - 20K.
ValeryEsq
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
Posted by kpny622
I'm an attorney and I did my own closing last week and ugh it was such a pain. There were no problems (I've done real estate closings in the past) but I was just so stressed the whole time that next time (if there is one) I'm hiring someone!
Closing costs end up being more than you think, and a lot does depend on the taxes. You have to plan for between 10K - 20K.
really its a pain? I figured it couldn't be hard I mean its just contracts, but I guess the headache is worth paying the money to hire someone else! Thanks guys!
kpny622
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
I'm sure you could do it if you wanted to, especially if you have your brother - riders to house contracts are pretty standard.
But it's difficult to be both the lawyer and the client. Lawyers can do things, say things, ask for things because that's their job. But when it comes from the buyer, it seems pushy and rude and I find you are taken less seriously. Plus, I didn't want to risk losing the house so I backed off things that I wouldn't have backed off if I were representing someone else.
Also, if you have a full time job, it's hard to apply for the mortgage, negotiate the contract, deal with title, inspectors, scheduling, etc. while at your day job!
peabody
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
How much are your mortgage payments going to be?
Kate
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
And I plugged in all the above numbers and they estimate the closing costs to be close to 18K. Also you have to remember depending on what bank you use you might have to pay 'points' to get a lower rate. 1 point = 1% of the loan.
DjPiLL
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
Posted by ValeryEsq
My brother is not a real estate attorney and he too did his own closing so I am confident I can handle it .
Bad Move.
But hey... thats just my two cents. I could send you link after link to horror stories by people that weren't represented and got royally screwed.
Hell even the other lawyers in this thread say to get a lawyer. LOL
And I am sure you know and the other lawyers will back me up on this.
Lawyers like to deal with ONLY other lawyers. They don't want to deal with other people's clients, regardless if they hold a law degree or not. So that will create friction.
The banks will also frown upon you representing yourself.
Maybe you shouldn't over-extend yourself... and only look for houses max at 400k. This way you will have some cash to spare so you can get yourself some proper representation so you don't get screwed in the process.
D&C
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
Dont forget PMI. I believe you would have to pay that each month as well since you are only putting down 3%. I could be wrong though.
7706bride
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Re: If I am looking to buya house around 430k$ can I only put down 3% and how much are closing costs?
I would say your closing costs will be 15-20K. THere are 'closing costs' that the brokers speak of, but there are also many other things that go into it...example: our extras were we had an escrowe account set up, and we did 2 loans (to avoid PMIs) and therefore had to close on 2 loans so it was double fees! On that price of a house ( i don't think it matters how much you put down, the clsoing costs are based on the price of the house on contrat) you are looking at 17K
