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what are reasonable closing fees

  • August 14 2013 - Chicago
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Answers (15)

Profile picture for Brent Tye
For a purchase, and if you are not paying discount points, then closing costs are typically 2-3% of the sales price. 
  • August 23 2013
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Total settlement costs include closing costs and prepaid items.  Closing costs are fee items such as but not limited to points, appraisal, credit report, processing, underwriting, attorney, title insurance, recording fees, courier, etc.  Prepaid items are those items paid in advance due in relation to the property you are buying such as but not limited to taxes, insurance, interim interest, etc.  With the mortgage pricing you can look at what is available with the interest rates with points, no points, or above par pricing which is where you get a mortgage lender credit against settlement charges.  Speak to a mortgage person in your area to go over the available options for your loan scenario.
  • August 23 2013
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Depends on if your buying or selling. Buying 2-3% or purchase price selling around 8% of the purchase price are the estimates I explain to my clients.
  • August 21 2013
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Profile picture for DebraKling
We set it at this price to haggle. It was 100,00! It is a lot prettier than it shows. Pictures tell a thousand words but these inside pictures do not show half as nice as it is! I grew up  there! The river is right over the hill next door! Private lane. Huge yard for kids and animals! I went to  woodland! I am now 57 and I was blessed with this beautiful place and wonderful parents who put blood sweat and tears in this home.It was a great place to grow and learn and the nature is unreal out there! Thankyou  DebKling 8156723730
  • August 21 2013
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Another big component is where you lock in your rate and if you pay points. Paying points is prepaying interest upfront to get a lower rate...and can sometimes make sense.
  • August 21 2013
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Profile picture for John Paunan
You'll need to be more specific; is it for a refinance or purchase? Refinances have lower fees because you won't be dealing with the same number of third parties, so you can even get a low to no closing cost refinance. But purchases will certainly be higher because those third parties will be on the higher end. 
  • August 19 2013
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I have a lender that could waive the closing costs depending on the situation.
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Unless the lender and the title company are working for free (and at a loss due to overhead); and the municipality agrees not to collect any recording or transfer charges (if applicable) then no you don't.

  • August 14 2013
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Third party fees vary from banker to broker. I would just shop around as much as possible without having your credit pulled each time.
  • August 14 2013
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Profile picture for Andrew Malak
It depends on property's address, type of sale and type of purchase. It can be anywhere from. Average 2.5%. But... there is no average.
  • August 14 2013
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I have a lender that could waive the closing costs depending on the situation.

  • August 14 2013
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Our top lenders have told us on the buying side it's about 2.28 percent of the sales price. Hope this helps!
  • August 14 2013
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Selling or Buying?

  • August 14 2013
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Profile picture for craigfial
Cash or Financed Purchase?  makes a big difference.
  • August 14 2013
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Profile picture for Matt Laricy
Its all relative to the purchase price. The main things to note:

transfer stamps, 7.50 per 1k
title
attorney
loan fees
  • August 14 2013
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They vary and most are for the lender. There are others that the lender may require, like a survey and appraisal. There are county recording fees and fees to the company or person doing the closing itself. Notary fee, FedEx fees (sometimes), taxes, insurance, inspections, etc. Your lender should list these for you since they are mostly theirs.
  • August 14 2013
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