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How to figure a closing costs when purchasing a home

  • March 09 2012 - Youngstown
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Answers (4)

You can ask your lender, your Realtor and your attorney. Blending the 3 estimates will get is fairly close. Some figures are not known until closing.
  • March 10 2012
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Give the details of the property such as the approximate price, property taxes, and an insurance quote (if you want it to be very accurate)to your mortgage lender.  Also ask your realtor if there are any special dues you will have to pay at closing in regards to the property such as HOA signup, working capital fee to HOA, etc.  With this information your lender can give you very accurate numbers for your payment and closing costs / prepaid items.
  • March 10 2012
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Profile picture for Sharon Lewis
I am assuming you are working with a Realtor, right? Ask that realtor to work up a 'netsheet' for you and show you YOUR closing costs. It will be relatively accurate,it will include pro rated taxes, attorney fees, Inspections etc.
The Realtor will know your price point. Also your lender should be able to give you a strong sense of closing costs even if you have not identified the actual house.
  • March 10 2012
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Typically closing costs are 2.8%-3% of the loan amount as long as the loan is between $130,000-$230,000. That general percentage doesn't apply very well to loans outside of that parameter. Closing costs consist of prepaid fees and actual costs to get the loan done. Prepaids are items like: homeowners insurance, interest and property tax. Costs associated with the loan are underwriting, loan origination, appraisal and title company fees. Some of these fees are based on percentages of the loan and others are fixed fees regardless of the loan amout. Every state may have variances for these fees. I was a Loan Officer for 10 years before becoming a full time realtor.
  • March 09 2012
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