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Answers (9)
- Jose Smith Jr, "LB HB REALTOR"
- Contributions:140
What a great question! This brings us to why it is important to shop for a loan if you are not familiar with a particular Loan Officer who has provided service in the past. The one thing you have to realize is that the Loan does have many variables that contribute to the costs associated with the loan. There is your fico, income, assets, etc. Also, remember that the Lender will make their money usually by the origination point or interest rate. Too often the Buyers feel they are getting the best deal because they didn't pay an origination point. Usually that indicates they are paying a higher interest rate. One way or another, your Lender makes money, as they should. It's comparing apples to apples that is most important. When you shop for a loan, do it on the same day/time. Why? Rates change daily and sometimes hourly depending on the bond market.
- AD SINGH, "AD SINGH"
- Contributions:44
Your lender should be able to give you exact quote.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Carrie,
That seems a bit high, even with one discount point. http://www.agentsite.com/Boom/displayflyer.aspx?ID=7697_70962
Happy funding, Rudi
That seems a bit high, even with one discount point. http://www.agentsite.com/Boom/displayflyer.aspx?ID=7697_70962
Happy funding, Rudi
- Carrie Bryden, "Carrie Bryden"
- Contributions:210
I always tell my clients to expect about 3%, especially if they are paying a point on the loan.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
79,
There are too many variables for an exact percentage. If you go to my website, under how we do it, click on Settlement Costs, and you'll be able to come fairly close to the actual amount. .... Happy funding, Rudi
There are too many variables for an exact percentage. If you go to my website, under how we do it, click on Settlement Costs, and you'll be able to come fairly close to the actual amount. .... Happy funding, Rudi
- Tim Kunze, "TimKunze"
- Contributions:61
All good answers. There are too many variables to give you an exact cost, hence it's a good faith estimate. Erin uses the exact same percentage I use when talking with my clients. 2% is a good starting point. You will know the exact costs when you get your final paperwork from escrow, including the loan documents. At that point, you will be pretty darn close to knowing exactly what your costs are going to be. However, there are still some items that could vary. Most often, there will be some padding built into the numbers so that you'll be happy to receive a little money back, as opposed to having to come up with a few more dollars, at closing.
- THE Aloha Team Erin Martin, "AlohaTeam"
- Contributions:132
I tell my prospective buyers to estimate around 2% of purchase price. Then when you find a home have your lender supply a good faith estimate. This will give you the "true" closing cost estimate.
- (Vince) Vinh Phan, "Phan Team"
- Contributions:53
Reason why no one knows an exact percent is because different lenders, escrow companies and title companies charge different rates for their services, so no one can tell you the exact percent. Lenders can give you an estimated figure in the form of a "Good Faith Estimate", however, it is just an estimate of the final figure due to expenses that may arise during the transaction. For instance, termite work that needs to be done due to findings on the termite report, or repairs that need to be done due to findings on the physical inspection report. Every transaction is different, dependent on certain things and services to be completed prior to the close of escrow and that's the reason why no one can give you an exact percentage or figure. Hope this helps.
- askmaryann
- Contributions:975
Your best bet would be to get a Good Faith Estimate from a couple different lenders, this will give you a way to compare loans and see what your closing cost would be.
Cost do vary from lender to lender, the type of loan, your downpayment, the time you close (prepaid interest, prorated taxes, etc) and how your purchase contract is written, you can negotiate some of the cost.
Cost do vary from lender to lender, the type of loan, your downpayment, the time you close (prepaid interest, prorated taxes, etc) and how your purchase contract is written, you can negotiate some of the cost.
How much are closing costs on a $540K house in huntington beach, ca?
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