[alan swann]

I was wondering if any of the real estate agents, attorneys or anyone else could tell me what I should expect to spend for all my closing costs to buy a house in New Milford. I'm trying to figure out what we can afford to buy. Please EXCLUDE points on the mortgage as that will obviously depend on what type of mortgage we take out, our downpayment, etc.

(There's a good question: Should you pay for points to keep mortgage rate down? )

thanks

[AmyBergquist]

For closing costs here are the buckets to look for (some of which are prepaid)...all are estimates

Appraisal $300-$400

Inspection $500-$1000 (on the higher end if you're doing a well and septic inspection, on the lower end if you're not, this also depends on the size of the house)

One year of homeowner's insurance, paid in advance and escrowed- really depends on the house, usually at least $1000

At least 6 months of escrowed taxes, usually plan for 9 months. If the town only collects taxes once a year, plan for 15+ months. I'm not sure what cycle New Milford collects on.

Attorney fee $500-$900- really depends on the attorney

Title search and title insurance policy for you and the lender- depends on the loan amount and the sale price of the house. A general rule of thumb I use is that it typically is between .32% and .44% of the sale price, the lower percentage being used for more expensive homes $1M+.

Recording fees, wiring fees, etc.- plan on another few hundred dollars.

Again, these are estimates but the buckets that are typically used. Your lender should be able to provide you with a good faith estimate that shows all of their costs and your estimated closing costs for the specific property you're interested in.

[alan swann]

Thanks, appreciate the information