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If I pay 105,000 cash/no mortgage for a home what will the total closing costs be?
Thanks!
A real estate attorney can answer that as well as anyone.
I imagine some costs could be about:
$450+/- Attorney
$200(?) Title insurance
$350 Survey, optional, but strongly recommended.
$14.00 first page, $3.00/additional page for recording the deed.
Prorata on HOA dues, if applicable?
Again, these are mostly attorney costs, will vary a little with each attorney, and you can get an estimate from an attorney for free.
You will also pay your first premium on Homeowner's Insurance. $500-$600 annually, depending on the insurer.
Your Termite, Radon, and Home inspections are expenses you will pay outside closing directly to vendors. $75.00, $125.00, and $275-$375.00+/- respectively.
A real estate attorney can answer that as well as anyone.
I imagine some costs could be about:
$450+/- Attorney
$200(?) Title insurance
$350 Survey, optional, but strongly recommended.
$14.00 first page, $3.00/additional page for recording the deed.
Prorata on HOA dues, if applicable?
Again, these are mostly attorney costs, will vary a little with each attorney, and you can get an estimate from an attorney for free.
You will also pay your first premium on Homeowner's Insurance. $500-$600 annually, depending on the insurer.
Your Termite, Radon, and Home inspections are expenses you will pay outside closing directly to vendors. $75.00, $125.00, and $275-$375.00+/- respectively.
If the builder is paying $3000 towards closing costs, how much can we expect to pay after that? There's something on the mortgage appl. papers that is concerning me. It says "Compensation to Broker." What is that? It's in excess of $6,000. Thanks!
Last edited by Strongasabear; 07-02-2008 at 09:49 AM..
If the builder is paying $3000 towards closing costs, how much can we expect to pay after that? There's something on the mortgage appl. papers that is concerning me. It says "Compensation to Broker." What is that? It's in excess of $6,000. Thanks!
A lot depends on the lender. There are too many costs on the settlement statement to list but to name a few: Origination fee, doc fees, survey, pest inspection, prepaid interest/insurance/tax for x number of months (also depends on what the lender requires). The whole builder paid closing cost thing can be a bit misleading. I'd ask the builder to pay closing costs for whatever lender *I* chose. Lot's of times the closing cost incentive is tied to using the lender partnering with the builder. Some times those types of deals have tons of "junk fees".
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MIne including all Mike listed
