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Old 06-01-2011, 03:32 PM
 
10 posts, read 16,611 times
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I am planning to buy a house about 160K to 170K. Hopefully, I can get a new house for that price. I am going to put 30 percents for the down payment. I checked with Bank of America yesterday, they asked me for about $6500 in closing cost. Is that sound right or too much? This is my first time buying a home. Please guide.
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Old 06-01-2011, 03:43 PM
 
Location: Chicago
469 posts, read 886,593 times
Reputation: 306
Quote:
Originally Posted by daleusa View Post
I am planning to buy a house about 160K to 170K. Hopefully, I can get a new house for that price. I am going to put 30 percents for the down payment. I checked with Bank of America yesterday, they asked me for about $6500 in closing cost. Is that sound right or too much? This is my first time buying a home. Please guide.
That is about right. I actually work for BofA Home Loans
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Old 06-01-2011, 04:14 PM
 
Location: Mckinney
1,103 posts, read 1,661,178 times
Reputation: 1196
If you do some search and compare with other companines, I think you might find lower. Never hurts to compare.
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Old 06-01-2011, 05:11 PM
 
Location: Collin County,TX
94 posts, read 285,145 times
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That sounds a little high to me for that price pt, but I haven't bought a home for a couple years. I would definitely check around for different lenders.
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Old 06-01-2011, 08:35 PM
 
2,348 posts, read 4,818,617 times
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Quote:
Originally Posted by jsafstrom View Post
That sounds a little high to me for that price pt, but I haven't bought a home for a couple years. I would definitely check around for different lenders.
I agree..The majority of your closing costs is your prepaids, and at that price point I can't imagine they need that much. Depends on the downpayment I guess.
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Old 06-02-2011, 07:35 AM
 
Location: TX
2,016 posts, read 3,523,041 times
Reputation: 2176
Seller or buyer paying for the owner's title policy? Origination fee? Paying points? Too little information. You'll want to get a good faith estimate from your lender that outlines all the costs.
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Old 06-02-2011, 07:46 AM
 
663 posts, read 1,724,812 times
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I closed on a $170K house last month. I took advantage of Pentagon Federal's $0 closing cost 5/5 ARM deal but even if I had gone fixed through them my closing costs would've only been $4,500 with no points and that's counting the initial escrow impound. Go out and get some good faith estimates and compare. Large established brick and mortar bank branches usually have the worst deals. You might check out fatwallet forums. Those guys can find mortgage deals.
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