Closing cost of $320000 home (Burke: insurance, mortgage, credit score)

[dekaykim]

Hi,

I am wondering what would be the reasonable closing cost of the house purchase as follow:

House cost: $320,000
Down payment: 20%
Credit Score: 784
House location: Burke, VA

Thanks in advance for your 2 cents!

[tigger37708]

7000 closing costs
4000 prepaids
64000 down payment

[ohsopiggy]

Seller not paying for closing costs?

[HokieFan]

You could make a reasonable offer and ask the Seller to pay closing costs.

[oneasterisk]

A realtor I've used a few times is to estimate at least 3% of the selling price for closing costs. I agree with the others though, that in this market it is not unheard of to ask for all or some closing cost assistance.

[djmont]

We recently sold our townhouse for a little more than this. The buyer's closing costs, including prepaids, were around 9 grand. We paid the closing costs, so it's certainly negotiable. It really just depends on how you need your loan structured.

[Margery]

[quote=oneasterisk;18009931]A realtor I've used a few times is to estimate at least 3% of the selling price for closing costs. I agree with the others though, that in this market it is not unheard of to ask for all or some closing cost assistance.[/QUOTE

I also use 3% as a rough estimate of closing costs, as you are putting 20% down you won't have to pay for private mortgage insurance. I also agree with asking for closing cost help, my motto has always been "You don't ask, you don't get".

[smagid]

Closing Costs will run you around 3% for a home of that price.

[DMB22]

I am a mortgage loan originator and closing costs are largely up to you. There are of course 3rd party costs (closing attorney, state taxes, recording fees etc..). Whether or not you pay points or an origination fee is up to you. You can also take a slightly higher rate and have the lender pay your closing costs for you, including the 3rd party costs. Basically if you want the lowest rate possible you will have higher closing costs. Feel free to direct message me if you would like a real quote. It only takes a few minutes.