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Old 11-04-2006, 08:54 AM
 
145 posts, read 805,955 times
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Could somebody give me an idea of closing costs, property taxes
in general for the Hickory, Granite Falls area.
I am basing this on a house in the 250k range.
Thanks!
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Old 11-04-2006, 09:19 AM
 
Location: Up above the world so high!
45,269 posts, read 91,636,967 times
Reputation: 39991
Quote:
Originally Posted by pattiv View Post
Could somebody give me an idea of closing costs, property taxes
in general for the Hickory, Granite Falls area.
I am basing this on a house in the 250k range.
Thanks!
Closing costs will vary depending on what kind of loan you get and with whom. Banks, credit unions or mortgage companies all have different loan programs. You'll need to consult an expert to find the best loan for you
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Old 11-04-2006, 02:49 PM
 
911 posts, read 3,321,861 times
Reputation: 178
Quote:
Originally Posted by pattiv View Post
Could somebody give me an idea of closing costs, property taxes
in general for the Hickory, Granite Falls area.
I am basing this on a house in the 250k range.
Thanks!
A good rule of thumb is about 5-6%
Of course always get your Good Faith Estimate...
Good Luck!
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Old 11-04-2006, 06:12 PM
 
Location: Florida
2,209 posts, read 7,088,314 times
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Quote:
Originally Posted by DeLaSalle View Post
A good rule of thumb is about 5-6%
Of course always get your Good Faith Estimate...
Good Luck!
Wow! Way high........
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Old 11-04-2006, 08:42 PM
 
911 posts, read 3,321,861 times
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Quote:
Originally Posted by MrTudo View Post
Wow! Way high........
You're right MrTudo, My bad

Probably around 3%?

30-Year Fixed Rate
Loan Amount $225,000
Interest Rate 6.250%
Points 0.750%
Principal & Interest Payment $1,385.36
Taxes & Insurance Payment $364.58
Mortgage Insurance Payment $97.50
Total Monthly Payment $1,847.45

Estimated Closing Costs
Processing/Document Prep/Underwriting Fees $700.00
Points ($) for the loan selected $1,687.50
Total Countrywide Fees $2,387.50
Third Party Fees $3,163.87
Estimated Prepaid Items (Interest & Insurance) $1,367.19
Estimated Escrow Account Funds $729.17
Total Estimated Closing Costs $7,647.72
Down Payment $25,000.00
Total Cash Required to Close $32,647.72


Points & Processing Fees
HUD# Amount
0802 Points ( 0.0075 * 225000) $1,687.50
Discount Points vary based on loan product and amount. To reduce your costs, you may decide to select an interest rate with fewer discount points. At , once your rate is locked in, it is guaranteed not to go up!
0821 Document Preparation $250.00
0809 Processing $450.00
These fees represent our cost of processing, underwriting, and closing your loan. We guarantee that this amount will not increase.
Total Fees $2,387.50


Third Party Fees
HUD# Paid To Amount
0819 Courier/Exp Mail Lender Third Party $40.00
1107 Escrow/Attorney Third Party $115.00
0811 Flood Check Third Party $26.00
1201 Recording Third Party $70.00
1301 Survey Third Party $270.00
0810 Tax Service Third Party $70.00
1302 Termite Report Third Party $70.00
0804 Credit Report Credit Bureau $35.00
0803 Appraisal Appraiser $315.00
1203 Mortgage Tax Closing Agent $1,237.50
1102 Abstract/Title Title Agent $95.00
1103 Title Exam Title Agent $50.00
1109 Title Insurance Title Agent $645.37
1113 Title Insurance Endorsements Title Agent $125.00
Title Company and Attorney Fees are determined by the property state and the company you choose to use, so we can only provide you with an estimate at this time. This represents the lender's policy only. In some states an owner's policy is also required or may be negotiated between buyer and seller.
Total Third Party Fees $3,163.87

Prepaid Items

Prepaids represent funds for the initial payment of interest on your loan. Prepaid interest varies depending on which day of the month you close. It covers the interest that accrues on your loan from your closing date until the last day of the month. Once your closing date has been selected, we will be able to provide you with the exact amount of prepaid interest required for your loan so you can plan accordingly.

You will also need to provide the initial premium for your homeowner's insurance policy. In some cases this may include flood, earthquake or other insurance coverage as well. Countrywide may be able to assist you in obtaining a competitive quote through affiliated insurance companies.
901 Prepaid Interest (est. 3 days) $117.19
903 Homeowner's Insurance $1,250.00
Total Estimated Prepaids $1,367.19

Escrow Account Funds

An escrow account may be required to cover the future payments for items like homeowner's insurance and property taxes. They do not represent fees; instead, they establish the funds needed to properly service your loan. These costs will be the same regardless of the lender you choose.
Note: As taxes are due at various times, the deposit needed for taxes may vary from 2 to 8 months. If you are purchasing your home, the seller may be responsible for a portion of these taxes.
1001 Homeowner's Insurance(2 months) $208.33
1002 Mortgage Insurance(0 months) $0.00
1004 Taxes(est. 2 months) $520.83
Total Estimated Escrow Costs $729.17

Last edited by DeLaSalle; 11-04-2006 at 08:58 PM..
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Old 11-05-2006, 09:17 AM
 
20 posts, read 47,243 times
Reputation: 10
Oh my! After looking at those estimates, I'll never be able to afford a house. I'm happy I have my VA certificate to help with the down payment.
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