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I'M TAKING OUT A 200K MORTGAGE SOON AND WOULD LIKE TO KNOW HOW MUCH TO EXPECT CLOSING COST TO BE.

  • February 01 2009 - Whitesboro
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Answers (8)

My apologies....You are up in Onieda Cty.  That mortgage tax I believe should be only 1% ($2000) making your costs total about $5000.
  • February 10 2009
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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.
 
  • February 10 2009
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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.
  • February 10 2009
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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. :)
  • February 10 2009
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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
  • February 05 2009
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on average and depending where 4-5%
  • February 02 2009
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You can either submit a mortgage quote request here on Zillow or select several lenders and ask for a Good Faith Estimate.
  • February 02 2009
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submit a loan quote request on Zillow Marketplace.
  • February 01 2009
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