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Answers (8)
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
My apologies....You are up in Onieda Cty. That mortgage tax I believe should be only 1% ($2000) making your costs total about $5000.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Now that we have heard from the overly educated, here is an answer from the real world. You are in Queens right? So unless this is a coop or you are getting a CEMA, you have 2.15% of the loan amount right off the bat as a mortgage tax ($4300) say lender fees are about a $1000 for a no point loan and your title and settlement will probably run you about another $2000. Not counting setting up your tax escrows or pre-paid interest you are look at about $7300. And I did not even need a bunch of letters at the end of my name to give accurate advice.
- James Barath, "JamesBarath"
- Contributions:36
LindaSue76,
The old rule of thumb by the National Association of Mortgage Brokers and the National Association of Realtors guesstimated that typical closing costs to range from 2% - 3% of your loan amount. This is not inclusive of prepaids or the establishment of your escrow accounts.
With that being said, the actual cost of a mortgage deliverable to Fannie Mae has increased over the past 12 months. There are several factors that can and will affect your specific costs. It is all in the details of your specific loan purpose.
Take the time to find a Certified Mortgage Planning Specialist (CMPS) in your area to provide you professional guidance through the maze of lender guidelines and their impact to your closing costs.
The old rule of thumb by the National Association of Mortgage Brokers and the National Association of Realtors guesstimated that typical closing costs to range from 2% - 3% of your loan amount. This is not inclusive of prepaids or the establishment of your escrow accounts.
With that being said, the actual cost of a mortgage deliverable to Fannie Mae has increased over the past 12 months. There are several factors that can and will affect your specific costs. It is all in the details of your specific loan purpose.
Take the time to find a Certified Mortgage Planning Specialist (CMPS) in your area to provide you professional guidance through the maze of lender guidelines and their impact to your closing costs.
- James Richards, "James Richards GA"
- Contributions:53
Submit a quote, every state can be different and depends on if you include escrows, most borrowers think of this as closing cost, most lenders try to shy away from it..... Submit for some quotes, you will get many. :)
- Jeff Cutler, "LENDING PROFESSIONAL"
- Contributions:30
Closing costs are a function of the rate. Most companies can offer a higher rate and eliminate most if not all of your closing costs. One thing to remember...the lowest rate is always your lowest cost of home ownership!
Best regards
Best regards
- Luis Fernandez, "lucho975"
- Contributions:204
on average and depending where 4-5%
- Marcelo Hernandez, "pacific mortgage srv"
- Contributions:180
submit a loan quote request on Zillow Marketplace.
I'M TAKING OUT A 200K MORTGAGE SOON AND WOULD LIKE TO KNOW HOW MUCH TO EXPECT CLOSING COST TO BE.
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