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Answers (4)
- Andy Linss, "AndyLinss"
- Contributions:122
It is better to get this information from the mortgage person or your attorney. The two significant closing costs/credits I don't see considered here are the upfront PMI (which might be folded into the mortgage) and the property tax credit, which will be dependant on closing date. Since taxes in Illinois are paid in arrears, the seller will give you a credit at closing to pay for 2011 taxes, Some of that will be held in your bank's escrow, but not all of it. The rest will actually reduce your cash required to close. Remember though that you'll be doing the same when you sell. The seller pays village transfer tax (in La Grange). I don't like my clients to be scraping the bottom of their bank accounts to get to closing because you'll be surprised by the initial expenses (moving, decorating, unknown fixes, etc) If you are that close, you should investigate a contract modification to allow the seller to pay some of your closing costs. Again, consult your attorney and mortgage person about that possibility.
- Lola Jefferson, "PleasedToBeYourAgent"
- Contributions:70
Your good faith estimate should explain all of the costs to you, but I tell my clients to plan on paying 2.5% - 4% of the purcahse price in closing costs.
- Geofrey Merino, "GMerino"
- Contributions:445
You should of received a Good Faith Estimate showing you all your closing costs. If you would like to compare fees do not hestitate to reach out to me. I would be happy to provide you a Good Faith Estimate that will show you a breakdown.
Click on my profile and reach out to me that way.
Thank you,
Geofrey M Merino
Lending in all 50 states
Click on my profile and reach out to me that way.
Thank you,
Geofrey M Merino
Lending in all 50 states
- Philip Sencer, "Philip_Chicago"
- Contributions:551
The lender is required to give you a list of Lender costs. Your attorney will get you a copy of the closing statement called the HUD1. Ask your attorney for it. That will show exactly what to bring to the closing.
What is the actual cost of closing on this home?
Here is the home info. I know thus far...
Sold price= $367,500
Putting 3.5% down(FHA)= $12,862
Rate= 3.85%
Annual Taxes of property= $4,600
Annual HOI= approx. $900
MMIP= ?
One-time fees at closing:
Attorney fees= approx. $500
MIP= ?
Others= ???
Thanks for your help!
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