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ttdiff11
LIF Infant
Member since 12/09 366 total posts
Name:
Theresa
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closing costs...
how much are they on avg?
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Posted 1/14/10 10:35 PM  |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: closing costs...
The general rule is 3% to 5% of the cost of the house. Closer to 4% - 5% in Long Island, I think. So if you're buying a $500,000 house, expect them to be $20,000 or so. Our Good Faith Estimate (we haven't closed yet) adds up to about 4% of the cost of the house.
Oh, wanted to add: it also depends on the time of year. You have to prepay taxes and depending on when taxes are due in your area, this can vary by thousands of dollars.
Message edited 1/14/2010 11:02:25 PM.
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| Posted 1/14/10 11:01 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: closing costs...
on LI I agree it runs 4-5% of the price. and the tax thing is so true! sometimes you have to pay back alot of the escrowed taxes
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| Posted 1/15/10 10:49 AM |
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ttdiff11
LIF Infant
Member since 12/09 366 total posts
Name:
Theresa
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Re: closing costs...
thanks so much for all of the information!
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| Posted 1/15/10 11:37 AM |
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Re: closing costs...
Posted by ttdiff11
thanks so much for all of the information!
Thanks for posting this!!
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| Posted 1/15/10 11:41 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: closing costs...
3% if you are not escrowing taxes and plan on paying them out yourself.
Closer to 5% if you need to pay the 6-8 months worth of escrow taxes up front at closing.
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| Posted 1/15/10 11:50 AM |
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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Re: closing costs...
check this out
http://www.prudentialelliman.com/MainSite/Guide/LIClosingCosts.aspx
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| Posted 1/15/10 11:51 AM |
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evenedan
Need a little sunshine
Member since 9/05 3843 total posts
Name:
D
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Re: closing costs...
Ours came out to exactly 4%
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| Posted 1/15/10 12:13 PM |
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