Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [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 04-11-2010, 01:24 PM
 
49 posts, read 366,593 times
Reputation: 89

Advertisements

Hello Everyone,

First and foremost, I'd like to thank everyone on this board for always offering advice when I need it.

Your comments have helped in the past, and so now I'm wondering if you could do it one more time. I'm currently in the process of buying a home. I make about 60K, and my wife about 45k. Our credit scores are 660 and 650, respectively. We've been pre-approved for 480,000, and a 5% interest rate. My closing costs, however, are 6% of the sales price. Is this too much, or does it sound about right?

Is 6% percent about the average in New York city?
Reply With Quote Quick reply to this message

 
Old 04-11-2010, 04:01 PM
 
2,712 posts, read 5,337,069 times
Reputation: 6182
Sounds exactly right. I've been told to expect to pay six percent of the purchase price in closing costs. A 480k house purchase and a 105k salary? Yikes. Sounds way high.
Reply With Quote Quick reply to this message
 
Old 04-12-2010, 07:20 AM
 
9,855 posts, read 15,154,599 times
Reputation: 5481
That sounds like a lot for your salaries as well...you don't want to be house poor.

On 105k? I personally wouldn't go higher than 250k for the house.


Your closing costs sound accurate though.
Reply With Quote Quick reply to this message
 
Old 04-12-2010, 08:46 AM
 
Location: Neither here nor there
1,809 posts, read 7,040,912 times
Reputation: 556
How much of a down payment are you going to put down?
Reply With Quote Quick reply to this message
 
Old 04-12-2010, 09:07 AM
 
Location: Beautiful Pelham Parkway,The Bronx
9,238 posts, read 23,970,047 times
Reputation: 7748
You got approved for 480,000 @ 5% with an income of $105,000 ???? That makes no sense at all.You would never be able to make the payments with that income unless it is a 2 or 3 family house that will provide income to make up the difference.

The 6% closing costs doesn't sound completely out of line but make sure it's no more than that because I think 4 to 5% is more normal.
Reply With Quote Quick reply to this message
 
Old 04-12-2010, 09:15 AM
 
Location: Katonah, NY
21,192 posts, read 25,062,708 times
Reputation: 22274
We just closed on a $480,000 house in Westchester County - so it might be a little different - but our closing costs came to right around $22,000. Yeah... it hurts.
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 > U.S. Forums > New York > New York City
Similar Threads
View detailed profiles of:

All times are GMT -6. The time now is 08:47 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