OfflineI have a deal going with these figures.
I am financing $40,000.00 for a home.
The customer is paying closing and I get the rest.
My question is how much do you think the closing costs would be
I have checked in other forums and I can not find the answer
Thanks so Much
Bill
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Billy C
If you are financing the home for $40,000 you should be able to ask your broker or the person at the bank who qualified you. They will tell you how much you need to budget for closing costs.
I believe and someone correct me if I am wrong, but the closing costs are the money you pay to have your mortgage documents recorded, taxes, appraisal, the real estate agent fees, mortgage insurance, ect.
Talk to your broker or bank rep and they will be able to give to a good est.
Hope this helps!
Jen
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I would only be guessing because all closings are different but probably 4-5K would be a fair estimate
Anita
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Costs will differ in different areas. In Arizona, I use from 3% to 4% of purchase price. Realtor fees will usually be paid by the seller, unless you have a special agreement.
Al
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Normally 6% which includes taxes, fees, commissions, etc
Doesnt it depend if you are using a bank or if you are paying cash? I was told my closeing cots wouldnt be that much because I was paying cash -no loan from bank means less closing costs...
If you are paying cash, your closing costs will be considerably less. You will not pay for loan origination, appraisal, prepaid interest, mortgage insurance or the filler fees that lenders add.
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
If you are not going to escrow your taxes, your closing costs will be lower also...Jan