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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Closing cost
I am calling around banks to find out what their closing costs are and they are telling me the few fees they charge but the majority are third party fees. If the bank will not tell me these amounts where do I find them and do they differ per bank?
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Posted 11/14/09 8:05 AM  |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Closing cost
They are essentially correct.
You will have fees that you must pay to the state for recording fees, delivery fees, stamp tax, property tax, school tax, title insurer, delivery of their paperwork, your atty, etc...
i think the following are bank fees:
loan origination
application fee
bank apprasial
points
i am sure there may be another or two, but i can't remember anything else.
i just looked at my GFE and my closing costs (with PMI built into the mortgage) are about $13,000.00
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| Posted 11/14/09 8:14 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Closing cost
If you get a preapproval from a lender ask them for a form with closing costs. They should be able to give you a very good idea based on your purchase price, and taxes
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| Posted 11/14/09 9:25 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Closing cost
our closing costs were approximately 3% of our purchase price. if you are on LI, expect b/w 3-6% for closing.
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| Posted 11/14/09 9:41 AM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: Closing cost
Posted by Cpt2007
our closing costs were approximately 3% of our purchase price. if you are on LI, expect b/w 3-6% for closing.
Ours wound up at around 5% (on LI), so this sounds right to me.
It's the bank, title company, a million other things it feels like. But, I did get a GFE from the bank that outlined what everything would be (even if the numbers were not that accurate!).
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| Posted 11/14/09 9:52 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Closing cost
when we sat down and got pre-approved from bethpage federal credit union, they gave us a list of aprox. what the closing costs will be for the price point we want to spend. It also lists every item. every time i would consider putting a bid on a house i would call the broker i was working with and he would email me a break down on what the closing costs would be on each house.
Every bank is different. we like bethpage because they don't have any bank fees at all.
and getting pre apporved didn't cost us anything, nor did they run our credit. (I brought a mortgage credit report with us from a mortgage broker who had already run it, but its not needed for pre apporval)
FM me if you want the person's name and info we are working with. he really is great and from what i found bethpage had the lowest closing costs because you don't have any bank fees at all.
In general though, closing costs will be 3-6% of the purchase price
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| Posted 11/14/09 12:49 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Closing cost
we found out what the closing costs would be after we knew what house we were buying. Depends on the taxes, when you buy (we had to pay for the year's worth of taxes upfront because we purchased late in the year)
for our $225K house we paid $10K in closing costs, then additional $4K on top of that for taxes which killed us but I think we just kinda got screwed and may see some money back.
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| Posted 11/14/09 1:18 PM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: Closing cost
I am working with an amazing mortage agent from Wells FARGO. She is great and will provide you with a pre approval and also will give you the good faith estimate which shows the closing costs broken down.
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| Posted 11/14/09 1:27 PM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: Closing cost
Posted by Nifheim
we found out what the closing costs would be after we knew what house we were buying. Depends on the taxes, when you buy (we had to pay for the year's worth of taxes upfront because we purchased late in the year)
for our $225K house we paid $10K in closing costs, then additional $4K on top of that for taxes which killed us but I think we just kinda got screwed and may see some money back.
Is this true for your home or for all homes? We might by before the year closes--- could this be?
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| Posted 11/14/09 1:28 PM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Closing cost
Posted by happytobreathe
Posted by Nifheim
we found out what the closing costs would be after we knew what house we were buying. Depends on the taxes, when you buy (we had to pay for the year's worth of taxes upfront because we purchased late in the year)
for our $225K house we paid $10K in closing costs, then additional $4K on top of that for taxes which killed us but I think we just kinda got screwed and may see some money back.
Is this true for your home or for all homes? We might by before the year closes--- could this be?
It depends on where you buy and what the town's tax cycle is. Some charge in arrears, others are up front. in some cases, you may owe your seller for back taxes if they paid up front. For example, say, you close on 12/1 and the taxes are paid up front in 6 month blocks. Your seller would have paid their July through December taxes this past summer, so you owe them for the pro-rated amount for December.
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| Posted 11/14/09 4:12 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: Closing cost
Posted by happytobreathe
I am working with an amazing mortage agent from Wells FARGO. She is great and will provide you with a pre approval and also will give you the good faith estimate which shows the closing costs broken down.
which WF are you using? we're working with a woman there in melville... wonder if its the same one...
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| Posted 11/14/09 4:16 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Closing cost
We worked with a bank that had no bank closing fees. (PHH)
We did, however, pay for items which the seller had already paid for (for example, taxes) and our attorney fees.
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| Posted 11/14/09 5:15 PM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: Closing cost
Posted by MaZz
Posted by happytobreathe
I am working with an amazing mortage agent from Wells FARGO. She is great and will provide you with a pre approval and also will give you the good faith estimate which shows the closing costs broken down.
which WF are you using? we're working with a woman there in melville... wonder if its the same one...
Yes,.. but I think she is changing offices. Could it be the same agent?
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| Posted 11/14/09 8:38 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Closing cost
Posted by Cpt2007
It depends on where you buy and what the town's tax cycle is. Some charge in arrears, others are up front. in some cases, you may owe your seller for back taxes if they paid up front. For example, say, you close on 12/1 and the taxes are paid up front in 6 month blocks. Your seller would have paid their July through December taxes this past summer, so you owe them for the pro-rated amount for December.
Yes our taxes are due December 1 for the next six months, then we had to pay back the previous seller's taxes for two months and then they wanted to escrow some/most of the taxes for the next due date i think in May/June.
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| Posted 11/15/09 9:15 AM |
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