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average closing cost to buy a home

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Seth Miller, "MyRealEstatePro.net"
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Seth Miller, "MyRealEstatePro.net"

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Hi TangTom54,

The standard safe assumption for closing costs is 3.5%. Although the figures vary 3.5% is usually a safe estimate. So if you expect to pay 3.5%, and it comes in lower that is a bonus. This doesn't include fees paid out during the exploratory period (appraisal and physical inspection) because these are not closing costs.

Make it a great day,

Seth T. J. Miller

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Pasadenan
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Forgot to add; assuming 790 FICO score.

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Pasadenan
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You know it doesn't make much difference which lender you choose; you all add in about the same fees one way or another.

And you know that the title search/report and title insurance doesn't differ a great deal between title companies; you keep plugging in the same numbers into your estimate regardless of title company selected.

And you know the recording fees don't differ very much within the same county.

Sure, someone can buy points to lower long term interest rates, or one can fold some of the closing costs into the loan... But really, the question was straight forward; how much in addition to the down payment and actual offer price does one need to budget for?

Someone said approximately 3.5% of sale price on the other thread, which sounds reasonable to me. And about what I paid. But likely this didn't include the inspection that the buyer pays out of pocket?

So, if you get me a 4% interest 40 year fixed loan fully amortized for $220k on a $250k purchase in Los Angeles County, what would YOUR MINIMUM "good faith estimate" of closing costs be, assuming none of the fees are rolled into the loan?

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Mayra Alvidrez, "Mayra A Alvidrez"
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there is no such a thing a average closing cost it all depens what lender you choose and what type a loan you are looking for why dont you submit you request for a qoute you will have some estimate

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