Profile picture for jameskim80

how much do you need to pay for closing fee?

Under 130k condo
how much do you need to pay for closing fee?
If you buy house with Loan.. How much?
if you buy house with Cash only(No loan).. How much?
someone told me if you get loan it will be about 4k-5k
and if you buy house with cash only it will be about 3k
is that true? i thought it will be only 1k if you pay cash..?

* If you buy house with cash, do you get your title(deed) from escrow office
   right away when you give them your 130k cashiers check?

I need to know when/how to get title(deed) for house

please answer my questions.
Thank you.
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November 14 2013 - South Tacoma
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Answers (4)

Do a google search for title companies in YOUR LOCAL AREA (also called settlement or escrow companies in some markets.)  Look at their web sites.  If you see one with an online closing cost calculator, that will answer your question. 

Be sure you are looking in your area.  Closing costs vary by state and county/city.  
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November 14 2013
Your lender will generate a Goof Faith Estimate (GFE) of your closing costs for you. Ask this question of your lender.

In addition to loan fees there will be an escrow fee which is based on the price of the home, not the loan, and the lender will require that you buy a Title Insurance policy for the loan, based on the loan amount not the price of the home.
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November 14 2013
Profile picture for jameskim80
so.. 5-6k is a normal price for a loan...

what about 3-4k.. i asked agent .. he said it will be about 3-4k without the loan

since I'm paying cash.

I'm confuse.. some people are saying without loan will be about 1k

but my agent is keep saying without loan will be about 3-4k 

and if you have loan it will be 5-6k..

is my agent is not telling me the truth?

can he take some money in his pocket from my closing fee if i really pay 3-4k?
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November 14 2013
You're correct in that the closing costs will be much lower without a loan.  Contact a few different places to see what there quotes are.  Some buyers also ask sellers to pay for some closing costs as part of their offer.  5-6k is a normal price for a loan.  Maybe a little less.  1k or less is without a loan.  You are not far off.  So look around for quotes and think about asking for some closing costs with your offer if you'd rather finance them versus coming out of pocket.  I hope that helps,
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November 14 2013
 
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