Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-09-2011, 06:08 PM
 
10 posts, read 56,932 times
Reputation: 19

Advertisements

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
Reply With Quote Quick reply to this message

 
Old 03-09-2011, 08:23 PM
 
Location: Laguna Niguel, CA
768 posts, read 4,335,687 times
Reputation: 457
Closing costs can vary quite a bit depending on where you are buying. What county/state are you buying in?
Reply With Quote Quick reply to this message
 
Old 03-10-2011, 05:20 AM
 
Location: Plano, Texas
1,673 posts, read 7,009,245 times
Reputation: 697
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.
Reply With Quote Quick reply to this message
 
Old 03-10-2011, 10:19 AM
 
10 posts, read 56,932 times
Reputation: 19
Im looking to purchase in Baldwin, NY and let's say the rate is 4.875
Reply With Quote Quick reply to this message
 
Old 03-10-2011, 10:41 AM
 
Location: Laguna Niguel, CA
768 posts, read 4,335,687 times
Reputation: 457
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.
Reply With Quote Quick reply to this message
 
Old 03-10-2011, 10:55 AM
 
Location: Long Island
9,926 posts, read 23,092,785 times
Reputation: 5902
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.
Reply With Quote Quick reply to this message
 
Old 03-11-2011, 01:46 AM
 
3 posts, read 9,433 times
Reputation: 10
maybe you can ask first conveyance lawyer for them to see how it goes for the transaction of closing costs.
Reply With Quote Quick reply to this message
 
Old 03-13-2011, 10:32 AM
 
Location: Louisville, Kentucky
1,448 posts, read 4,783,287 times
Reputation: 892
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6. The time now is 05:35 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top