Closing Cost Help!!!! (Hope: real estate, insurance, condo)

[fitdude7]

Hi all

I am in need of some help. Would anyone with experience be able to give me an estimate or break of how much my closing cost could be. I'm closing this week on a house in West hempstead. We are putting down 20 % and the cost of the house was 360K. Any help at all would be greatly appreciated.


Thanks!!!

[KarenBo]

Your loan officer should be able to tell you that.

[Elke Mariotti]

Originally Posted by fitdude7

Hi all

I am in need of some help. Would anyone with experience be able to give me an estimate or break of how much my closing cost could be. I'm closing this week on a house in West hempstead. We are putting down 20 % and the cost of the house was 360K. Any help at all would be greatly appreciated.


Thanks!!!

KarenBo is right, your loan officer is the one to tell you. We don't have enough information to even guess.

Some of the costs included are:
-prepaid interest for the current month (that means you pay more if you close at the beginning of the month than if you close during the last few days...)
-attorney fees (bank and yours)
-appraisal fee (unless paid earlier)
-points, if any
-reimbursement of pro-rated prepaid real estate taxes
-reimbursement for oil in tank, if house has oil
-misc. others

From the above list you can see that none of us are in a position to give you "real" numbers; we neither know the interest rate, nor how much the property taxes are, etc.

Attorneys and loan officers often suggest to have as much as 5% of the mortgage amount available for closing. Again, the above items are a guideline. Hope this helps :-)

[arangoa79]

12K to 16K is a good estimate for LI. We paid 16K on purchase of 450K.

[dman72]

Originally Posted by arangoa79

12K to 16K is a good estimate for LI. We paid 16K on purchase of 450K.

How much of that is money flushed down the toilet? IE, not part of the real costs of owning the house..property taxes, oil, etc. In other words, how much of it goes into someones pocket because of this transaction?

[purelygeneric]

I'd bank on 15k or so. Keep in mind that some of this will include 6 months of taxes,a year of home owner's insurance, your lawyer's fees, etc. The big "waste" is the title search and transfer tax. ;-)

[dman72]

Originally Posted by purelygeneric

I'd bank on 15k or so. Keep in mind that some of this will include 6 months of taxes,a year of home owner's insurance, your lawyer's fees, etc. The big "waste" is the title search and transfer tax. ;-)

Right, the title search was a big one, I remember on my condo. Highway robbery. .

[Chrisk327]

probably half or more is not recoopable.
Big ones- title insurance, mortage tax, points, lawyer fees.

Your lender should have provided you with a good faith estimate.

[Kbinspections]

Have $20k in your checking account and you will be fine.....good luck!

[arangoa79]

Originally Posted by dman72

How much of that is money flushed down the toilet? IE, not part of the real costs of owning the house..property taxes, oil, etc. In other words, how much of it goes into someones pocket because of this transaction?

Probably 12K Luckily the VA rolled it all up into the loan