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Closing costs
I know that it's thousands of dollars, but what is it that you are actually paying for?
Sorry for all the lame questions lately..... we are so new to this!
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Posted 1/31/07 4:12 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Closing costs
expect your closing costs to be between 3%-6% of your purchase price. It includes all kinds of fees and taxes and also your attorneys fees, the bank's attorneys fees, its a lot of money in NY.
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| Posted 1/31/07 4:14 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Closing costs
I paid $12K in closing costs on Monday!
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| Posted 1/31/07 4:16 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Closing costs
Ours are estimate between $16,000 and $18,000...hoping for $15000
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| Posted 1/31/07 4:18 PM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: Closing costs
Posted by SweetTooth
expect your closing costs to be between 3%-6% of your purchase price. It includes all kinds of fees and taxes and also your attorneys fees, the bank's attorneys fees, its a lot of money in NY.
It is! There are also title fees and escrow!
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| Posted 1/31/07 4:22 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Closing costs
It really depends on a few things. It depends on how much your mortgage is and how much the house you are buying is...how many points you are paying to the bank to get a lower rate. If you have to pay taxes on teh property at the closing. You will have to pay the bank attorney and your own attorney. A bank attorney is usually about $750 and if there is more than one loan it could be more. Also you & the seller will adjust for oil if the home you are buying has oil which could be expensive depending on whether they just got the tank filled or not. Your title insurance can be high or low depending on how many mortgages there are to record and how much the title company charges for municipal searches and other items the bank may require. Also there is a policy amount which depends on the price of the house and a mortgage tax which depends on the amount of the mortgage. Your attorney when you go to sign the contracts should give you an estimate of how much closing costs are going to be so that you know whether you will have enough money. They usually over estimate so that you have enough money and is always a nice surprise when you get to closing and is less. If you have any other questions FM me I am a real estate attorney.
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| Posted 1/31/07 8:46 PM |
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MSeid
LIF Adolescent
Member since 11/05 805 total posts
Name:
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Re: Closing costs
I was estimated 14K and anticipated more that that, but after speaking to my attorney it looks like it's going to be 18K (max).
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| Posted 2/1/07 6:48 AM |
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