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Old 03-09-2011, 06:08 PM
 
10 posts, read 53,298 times
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Hello folks, hopefully someone can help me. Im a 1st time homebuyer looking to purchase a home for $300k with 5% down and property taxes are $9900. What should I expect to pay at closing. Is there anymore info needed? Thanks in advance

Last edited by broodie; 03-09-2011 at 06:42 PM.. Reason: mispelled
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Old 03-09-2011, 08:23 PM
 
Location: Laguna Niguel, CA
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Closing costs can vary quite a bit depending on where you are buying. What county/state are you buying in?
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Old 03-10-2011, 05:20 AM
 
Location: Plano, Texas
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Closing costs also vary based on the interest rate. Getting a interest rate is like hiring an attorney. You can hire one straight out of college for maybe $100 an hour or you could hire one with 20 years of experience, graduated top of their class from the most prestigious college but that attorney might charge $1000 an hour. Both attorneys do the same thing, so why would any hire the more expensive attorney? They feel they will get better results. It is the same with getting a mortgage rate. You can pay more in costs and get a better(lower) rate, or you can pay less in closing costs and take a worse(higher) rate.

The longer you plan to keep the home, the more you should pay in costs as the lower rate will offset the costs over time. Your mortgage professional should help you determine what is the optimal cost/rate structure for you.
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Old 03-10-2011, 10:19 AM
 
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Im looking to purchase in Baldwin, NY and let's say the rate is 4.875
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Old 03-10-2011, 10:41 AM
 
Location: Laguna Niguel, CA
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Closing costs on Long Island, and NY in general, are expensive. For a $300k sales price you could be looking at around $12-14k total.
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Old 03-10-2011, 10:55 AM
 
Location: Long Island
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Another thing to consider is WHEN you're closing. Looks like you're on Long Island, with relatively high RE taxes. If the homeowner already paid taxes for the year, then you will have to reimburse that expense on a pro-rated basis. If you have to reimburse for six months, that's $4,450 - a good chunk of money. Plus the lender will most likely request some upfront escrow amount for the next tax due date (again, depending on when in the cycle you buy).

Also, the first month of the mortgage you pay interest in advance. If your closing is at the end of the month, say on the 28th, you'll only be paying a relatively small amount; if your closing is at the beginning of the month, you'll be paying interest for the rest of the month at the time of closing.

That's in addition to the other closing costs, of course, i.e. Title Search and Title Insurance, attorneys (bank and your own), etc., etc.
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Old 03-11-2011, 01:46 AM
 
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maybe you can ask first conveyance lawyer for them to see how it goes for the transaction of closing costs.
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Old 03-13-2011, 10:32 AM
 
Location: Louisville, Kentucky
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It's something of a long shot, but ask your seller if they bought Owner's Title Insurance when they bought the house. (Not Lender's Title Insurance, which is mandatory -- Owner's Title Insurance, which is optional.) If it's not too old, your closing attorney is supposed to discount your title insurance if an Owner's policy is in place. Could save you $100 or more.
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