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Old 11-20-2006, 10:16 AM
 
1 posts, read 4,813 times
Reputation: 11

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I was wondering if anyone has an idea as far as how much the closing costs should be on a $103,400 property located in Altamonte, FL (north of Orlando). I'm getting 2 loans, 80% & 20%, to avoid having to pay mortgage insurance. My good faith estimate says that I need to come up with $6,600. Could this be right? I'm puzzled because I purchased a $180,000 property 2 months ago (same 80% & 20% deal) and my closing costs were around $7,000. How could a property almost half the price have closing costs so high? Am I being ripped off or what?

Last edited by cgi911; 11-20-2006 at 10:32 AM.. Reason: Added city
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Old 11-25-2006, 04:58 PM
 
Location: On the road
27 posts, read 150,240 times
Reputation: 23
I ususally estimate 4-5% of price for closing costs, depending on your loan company and what you can get the seller to pay.
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Old 11-25-2006, 06:37 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 13,675,674 times
Reputation: 1025
My dad says closing costs should be about 2%. What if you bought with 100% down, no closing costs then?
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