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Average closing costs?

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05mommy09
Family of 5!

Member since 5/05

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Name:
<3 Mommy <3

Average closing costs?

I was told by the mortgage guy originally, that it would be about 6 %- roughly 16-17k (which is actually higher than 6%)

Today I was told the GFE put me at 23k+

A friend of mine just bought a house at the same price (actually I think her's was a bit higher) her taxes are about 2-3k less than mine, but her closing costs was 12k

How did we go from 16k - 23k?

I havent seen the GFE, so Im not sure what costs are going to what...

But does that sound right?

Message edited 9/23/2010 2:12:36 PM.

Posted 9/23/10 2:10 PM
 
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05mommy09
Family of 5!

Member since 5/05

15364 total posts

Name:
<3 Mommy <3

Re: Average closing costs?

Purchase prince of the house is 252,500 and the taxes are about 9k.

We are putting down 12,500.

Posted 9/23/10 2:10 PM
 

MrsO
Big Brothers to Be

Member since 1/07

4448 total posts

Name:
Maureen

Re: Average closing costs?

The difference could be mainly due to the fact that an installment of your taxes are due in late October so they need to escrow that amount up front and then also establish your escrow. You should ask him how much of the gfe is real estate taxes

Posted 9/23/10 2:33 PM
 

maybesoon
LIF Adult

Member since 9/09

5981 total posts

Name:

Re: Average closing costs?

if these are your closing costs DH and I are screwed Chat Icon Chat Icon

Posted 9/23/10 2:49 PM
 

ave1024
I Took The Wrong Road

Member since 12/07

5939 total posts

Name:
That Led To The Wrong Tendencies

Re: Average closing costs?

You shouldn't count any escrows in your closing costs since escrows are just pre-paid deposits. They aren't real closing costs.

For a 400k house, if you are putting down 20% closing costs in Long Island will probably be somewhere around 10k on average.

Depends on lender 800 fees, points paid, etc. I prefer loans with zero points. Rates are too low right now to warrant paying any points.

Posted 9/23/10 2:52 PM
 

Jonsgirl04
Love my two girls! xoxo

Member since 9/08

6076 total posts

Name:
Stephanie

Re: Average closing costs?

Posted by maybesoon

if these are your closing costs DH and I are screwed Chat Icon Chat Icon




Us too!!Chat Icon Chat Icon

Posted 9/23/10 2:52 PM
 

Salason

Member since 6/05

9878 total posts

Name:

Re: Average closing costs?

Mine were 3.5% with 15% down.

Posted 9/23/10 2:53 PM
 

HeatherRose
Life is Good :)

Member since 11/07

6605 total posts

Name:

Re: Average closing costs?

you can never go based on what someone else paid because different banks charge different fees, taxes and escrows are usually listed and those are just estimates and as well as round about numbers for homeowners insurance

they say on LI it averages about 4%

I bought a house that was over 100k more then you and my taxes are roughly 11k per year and i paid close to 14K in closing costs
i know taxes were due just ebfore we closed, so we had to pay the sellers back a lot in taxes and my homeowners was 1,200 for the year. I got 5.25% for my rate

(the 14K didn't include my attorney or home inspection)

it did include $300 for a new survey. I didn't need to buy back any fuel because the house was gas

Message edited 9/23/2010 3:04:40 PM.

Posted 9/23/10 3:04 PM
 

Bearcat
Love my little girls!!! <3

Member since 6/10

10818 total posts

Name:
E

Re: Average closing costs?

ours are estimated at 18k. zero points. doesn't include HO insurance. our taxes are 12k. jumbo loan.

Posted 9/23/10 3:44 PM
 

Megs4
LIF Adult

Member since 11/08

1619 total posts

Name:
Megan

Re: Average closing costs?

Ours were 5% with 5% down (FHA). Those numbers do seem high to me... definitely review the GFE and push back on things that don't sound right.

Posted 9/23/10 3:56 PM
 

Mariabella
LIF Adult

Member since 4/10

947 total posts

Name:
Mama

Re: Average closing costs?

$18,000 I wanted to vomit.

Posted 9/23/10 4:03 PM
 

JerseyMamaOf3
Boo!

Member since 6/05

15144 total posts

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Re: Average closing costs?

Did you use a broker and her a bank?

Our first house our loan amount was $300K and our closing cost were $21K. On our second home the loan was a little over $100K more and our closing costs were only $9k. Both time we put 20% down but the biggest difference was the first time we used a broker and there were a lot of fees that a bank doesn't have. I will never go with a broker again because of this.

Posted 9/23/10 4:11 PM
 

ave1024
I Took The Wrong Road

Member since 12/07

5939 total posts

Name:
That Led To The Wrong Tendencies

Re: Average closing costs?

Posted by JerseyMamaOf2

Did you use a broker and her a bank?

Our first house our loan amount was $300K and our closing cost were $21K. On our second home the loan was a little over $100K more and our closing costs were only $9k. Both time we put 20% down but the biggest difference was the first time we used a broker and there were a lot of fees that a bank doesn't have. I will never go with a broker again because of this.




I wouldn't classify all brokers in the same light. My last house I borrowed 325k and my closing costs were 9k.

Used a broker.

While every bank will charge different closing costs... at least HALF of your closing costs should be a set amount.

The two BIG TICKET items in closing costs are set amounts that banks really can't change. Mortgage tax is a set amount determined by the state. Banks can't alter this. Title insurance I also believe is a set amount based on how much you are borrowing. Ask your attorney what this would cost, but it really shouldn't differ between banks. Smaller stuff like town recording fees are set by the locality. Those shouldn't differ between banks either.

I can't fathom how people can say they paid 21k in closing costs on a 300k loan.

The things you need to look for in closing costs:
"800" fees
Bank Attorney Fee
Are you paying points to get the rate you were promised? (find a bank that will give you the same rate without expensive points!)
Survey (ask your attorney what this would cost - not your bank)

Everything else like escrows, the mortgage tax, recording fees, etc. would not change between banks.

Message edited 9/23/2010 7:51:44 PM.

Posted 9/23/10 7:47 PM
 

Mrs213
LIF Adult

Member since 2/09

17033 total posts

Name:

Re: Average closing costs?

we paid about 12k although the GFE said 23k

the GFE includes closing costs ypu dont have to pay such as transfer tax (seller pays) and some stuff thats rolled into ur mortgage....

Posted 9/23/10 7:53 PM
 

sleepie76
enjoying every minute

Member since 12/07

3881 total posts

Name:

Re: Average closing costs?

I would ask for a copy of the GFE. It supposed to be for you.


I know there were a few things on mine that I didnt have to pay. New laws require they list things & then you get a credit back for them.


But if he is telling you that you are paying the $23k, I would want to see the GFE and see where the differences are.

Posted 9/24/10 6:58 AM
 

JandJ1224

Member since 6/06

5745 total posts

Name:
Jannette

Re: Average closing costs?

It might be helpful if you post from the gfe what the fees are, that would help us identify what is unnecessary

Posted 9/24/10 9:06 AM
 
 

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