Just wondering if anyone could help me out. DH and I are looking at our first house - can't really put in an offer yet BUT we want to get used to the whole process.
So, we have a certain amount in the bank for a down payment but how much do we have to figure out closing costs to be? How does that work? What is it based on?
I don't want to go in thinking 'Oh I have $50K for a DP' but then realizing it is $10K for closing, and $40K for a DP
Thanks
tiff940
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Re: NWR: Closing costs
They usually say 3% of the cost of the home for closing cost...But we got the sellers to pay for our closing cost. Since the market is so bad right now sellers are willing to do alot more to get you to the buy the house so theres a big chance your sellers would be willing to pay for the closing cost...leaving more money available to the down payment.
Mrs. V 2008
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Re: NWR: Closing costs
closing costs for us was about 12k
joshisgirl
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dont lenders pay closing costs sometimes?
JoeJo
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Re: NWR: Closing costs
It really all depends on the purchase price..
If you FM me with an estimated amount i can give you an estimate of closing costs.
I work at a title insurance company so i will go by our charges.
missexcited
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Our closing cost was less than $6k and we made the seller agree to give us a credit. So basically it was added towards our loan
Mici n KC
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Re: NWR: Closing costs
Posted by joshisgirl
dont lenders pay closing costs sometimes?
Yes, but not all the time. We got a really good deal on our house so we're paying the closing costs.
FutureMrsPD
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we just signed our contract and our contract with Wells Fargo for the mortgage. Our closing costs are a little over $15k.
soon2bmrsconnolly
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Friends of mine had to pay 20,000 for closing-on a very modest home. they then had nothing left for a DP (weren't anticpating closing costs) and are now selling their home. I feel bad for them.
JeanetteandSteve
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after reading the responses, i just had to say how crazy it is...that's a lot of extra money!
chrissybean77
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Re: NWR: Closing costs
Like most of the girls have said there are alot of factors that go into this. We just purchased a house in December and the house was 466k and our mortgage was 400k. Our closing costs which included the title, survey, taxes, etc. came to about 13K.
Lucky0510
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Re: NWR: Closing costs
My closing costs we're a little over 20k (about 5%). Some lenders allow you to finance the closing costs in with the mortgage. A friend of mine was able to do that when she bought her house.
failurebydsign
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wo now i feel better
closing here in ks is going to run about 3600 but the sellers are paying 3000 of that
ant n tilde
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thanks to everyone who answered especially those that answered with money amounts - i know this is a personal topic
DiamondPipa
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My closing costs were $24K but my taxes are $15K so that's why it was on the higher side. Commerce knocked off a lot of charges and gave us a bottle of Champagne as a gift for going with them!
