[Ithaca04]

All,

Need some help as a first time potential buyer. I have been looking all over the web and have found quite a bit of different information.

So, can anyone give an estimate of the closing costs of a 250k mortgage amount in Greenwich? Or base it on a 100k amount. Any help is needed quickly and is appreciated of course.

Many thanks,

Ithaca04

[Rich Lee]

Originally Posted by Ithaca04

All,

Need some help as a first time potential buyer. I have been looking all over the web and have found quite a bit of different information.

So, can anyone give an estimate of the closing costs of a 250k mortgage amount in Greenwich? Or base it on a 100k amount. Any help is needed quickly and is appreciated of course.

Many thanks,

Ithaca04

Hmmm...the mortgage amount is usually moot unless you have points (1 percent of loan amount to reduce interest rate). Typical items on the RESPA statement are: loan processing fee, bank attorney fee, appraisal fee, courier/overnight fees, title seach, title insurance, deed filing/recording fees, points, and property taxes to be escrowed. The first year of homeowner's insurance needs to be paid in full. The first month's mortgage payment will include 1/12 of the second year's premium to be held in escrow.

[Ithaca04]

Thanks Rich,

Any sense for homeowners insurance in Greenwich for a condo?

Also, does anyone have advice on real estate assessments in Greenwich and how they go about reassessing values? Right now, the taxes are really really low for this condo.

thanks

[Rich Lee]

Originally Posted by Ithaca04

Thanks Rich,

Any sense for homeowners insurance in Greenwich for a condo?

Also, does anyone have advice on real estate assessments in Greenwich and how they go about reassessing values? Right now, the taxes are really really low for this condo.

thanks

Western Connecticut has always amazed me with respect to how close its assessed values are to the "70 percent of market value." This is one of the reasons why most of the mill rates are 11, 12, 13, etc.

It sounds like you're getting close to close on your condo. Did your agent give you a copy of the MLS sheet? Does it show the assessed value? If this is close to 70 percent of the purchase price, you probably won't see much in the way of an increased assessment. Heck, with a mill rate of 7.85, I wouldn't be too concerned.

[gomet]

The bank is putting down the money. They will require homeowner's insurance. No matter where you will purchase.