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Tabitha
Member since 2/07 2029 total posts
Name:
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closing costs questions - anyone know about this?
Hi guys,
Im sorry if this is a redundant question on these boards, but I couldn't find the answer. What exactly is included in closing costs besides lawyer fees??
What was everyone's avg. costs - if you dont mind sharing...
THANK YOU!!!
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Posted 2/22/07 6:40 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
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Re: closing costs questions - anyone know about this?
Here's the list our lawyer put together (with the help of our mortgage guy)
Taxes (sellers reimbursement and bank escrow deposit)
Mortgage Tax
Title Insurance
Recording Fee
Misc Lenders Fees
Legal Fees of Lending Institution
Homeowners Insurance
Prepaid Interest
HTH!
ETA: Our closing costs are estimated to be about 5% of our home cost.
Message edited 2/22/2007 6:44:17 PM.
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| Posted 2/22/07 6:43 PM |
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SupportACop
Momma's Boy & Lovin' it!!
Member since 5/06 2579 total posts
Name:
C
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Re: closing costs questions - anyone know about this?
I have my copy in front of me...I was given a total of 17,214.
The big things for me were..
Hazard Insurance, Flood Insurance, title Ins, prepaid interest, and good ol taxes.
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| Posted 2/22/07 6:45 PM |
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Tabitha
Member since 2/07 2029 total posts
Name:
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Re: closing costs questions - anyone know about this?
how do the taxes work? good lord, thats a lot of money, haha. who said buying a home would be easy!!!!
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| Posted 2/22/07 6:47 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: closing costs questions - anyone know about this?
Ours are estimated at about $16,000. The taxes for us are 2 months in reserve and 6 months in advance so we need to pay 8 months total. HTH
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| Posted 2/22/07 6:49 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 questions - anyone know about this?
Closing Costs typically include
1. Attorney fees for Bank & your attorney
2. Title Insurace--mortgage tax (.80% of the mortgage amount), premium amount (based on the price of the home), misc other title charges such as municipal searches (c/o, bankruptcy search, violations) recording mortgage & deed--taxes if they are due by the time you make your 1st mortgage payment. Also you and the bank get what is called an Alta Policy which has endorsements in them--each can cost $25 so that is another $50-$100 depending on what the bank needs.
3. Oil if the house has oil--there will be an adjustment to the seller for the remaining amount of oil.
4. Depending on when you close you may have to give the Seller money for taxes or the Seller may have to give you money for taxes.
5. Bank fees--can be higher if you are escrowing taxes & insurance. If you want to save on closing costs and can save money on your own every month this is a way to save. My DH & I save our taxes & insurance in an ING account and put money aside every month so when the bill comes we pay it ourselves. It saved us alot of money at closing because we didn't have to give the bank that money for the escrow. Another fee is short term interest which can be high if you close at the beginning of the month or lower if you close at the end. Also the bank has misc charges such as administration fees, underwriting fees, appraisal fee, flood fee which will be listed in your good faith estimate.
Hope this helps!! Good Luck 
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| Posted 2/22/07 7:54 PM |
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CheeChee
HI THERE!!!!
Member since 5/05 3416 total posts
Name:
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Re: closing costs questions - anyone know about this?
I dont know what they included, I dont have the paperwork in front of me, but it cost us $18,000
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| Posted 2/22/07 11:12 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: closing costs questions - anyone know about this?
Posted by csorisi
Closing Costs typically include
1. Attorney fees for Bank & your attorney
2. Title Insurace--mortgage tax (.80% of the mortgage amount), premium amount (based on the price of the home), misc other title charges such as municipal searches (c/o, bankruptcy search, violations) recording mortgage & deed--taxes if they are due by the time you make your 1st mortgage payment. Also you and the bank get what is called an Alta Policy which has endorsements in them--each can cost $25 so that is another $50-$100 depending on what the bank needs.
3. Oil if the house has oil--there will be an adjustment to the seller for the remaining amount of oil.
4. Depending on when you close you may have to give the Seller money for taxes or the Seller may have to give you money for taxes.
5. Bank fees--can be higher if you are escrowing taxes & insurance. If you want to save on closing costs and can save money on your own every month this is a way to save. My DH & I save our taxes & insurance in an ING account and put money aside every month so when the bill comes we pay it ourselves. It saved us alot of money at closing because we didn't have to give the bank that money for the escrow. Another fee is short term interest which can be high if you close at the beginning of the month or lower if you close at the end. Also the bank has misc charges such as administration fees, underwriting fees, appraisal fee, flood fee which will be listed in your good faith estimate.
Hope this helps!! Good Luck
That's what ours included and we paid $300K for the house and closing costs were $13K - your lawyer will usually give you an estimate right before closing.
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| Posted 2/23/07 7:12 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: closing costs questions - anyone know about this?
ours were around 15k
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| Posted 2/23/07 8:36 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: closing costs questions - anyone know about this?
mine were a little over $10K, but if you count homeowners/flood then its about $13
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| Posted 2/23/07 9:13 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: closing costs questions - anyone know about this?
our's are 9K, but its based on the purchase price on 272K.
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| Posted 2/23/07 9:16 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: closing costs questions - anyone know about this?
ours were just over $11,000 but we got $5000 back from the sellers at closing
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| Posted 2/23/07 9:21 AM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: closing costs questions - anyone know about this?
Posted by Tabitha
how do the taxes work? good lord, thats a lot of money, haha. who said buying a home would be easy!!!!
taxes are paid twice a year, so if the seller (or their bank) just paid them, you need to refund their money for the months that you will be living there - so it can vary from 1-6 months of taxes (i.e if taxes are $8000 - you could owe $4000 at closing)
I hope I explained that correctly.
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| Posted 2/23/07 12:48 PM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: closing costs questions - anyone know about this?
Ours were $13,000
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| Posted 2/23/07 12:56 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 questions - anyone know about this?
Posted by Eleanor
Posted by Tabitha
how do the taxes work? good lord, thats a lot of money, haha. who said buying a home would be easy!!!!
taxes are paid twice a year, so if the seller (or their bank) just paid them, you need to refund their money for the months that you will be living there - so it can vary from 1-6 months of taxes (i.e if taxes are $8000 - you could owe $4000 at closing)
I hope I explained that correctly.
Also you might have to pay the title company for the next tax period. We closed in April so we had to give the Seller a credit for April and May plus we had to give the title company the 2nd half taxes which were $3600 so we ended up paying out $5000 just in taxes. If we would have escrowed with the bank they would have probably required $8000 just for taxes plus a few months for insurance.
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| Posted 2/23/07 3:10 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 questions - anyone know about this?
Your lawyer should go thru all the specific closing costs and how much each person/co. is getting paid, so you know.
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| Posted 2/23/07 7:25 PM |
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