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Subject:
Closing Costs for First Time Home Buyer
Category: Family and Home > Home Asked by: rexkab-ga List Price: $11.00 |
Posted:
13 Aug 2003 06:16 PDT
Expires: 12 Sep 2003 06:16 PDT Question ID: 244193 |
I live in Southeastern Pennsylvania (but not Philadelphia) and am currently pre-approved for a mortgage from a Very Reputable Mortgage Company for 190K. I am trying to determine what would potential closing costs might be. I have heard from the Mortgage Company that Closing Costs can be up to 15K. A friend said closing costs can go up to 35K. What I am looking for is an itemized list of what goes into closing costs and potential value attached to Closing Costs. Lets use an example where I would like to purchase a house worth 180K. Potential Closing costs would be: 1) Down Payment of 10%= $18,000 2) Pay Taxes upfront for the first year=Approx $2000 3) What else....After here I am clueless! I would like an answer that would complete a potential itemized list based off experience or knowledge. I would also like any links that fully explain or document other examples of closing costs. Hopefully these examples will be purchases of homes between 150K and 200K. Please let me know of any clarifications necessary. Thank You! |
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There is no answer at this time. |
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Subject:
Re: Closing Costs for First Time Home Buyer
From: research_help-ga on 13 Aug 2003 06:50 PDT |
I recently bought a house a little higher than your price range in eastern PA. The closing costs total (not including down payment or mortgage points) were around just under $8,000. There is a 2% transfer tax in PA which is split between buyer and seller, you have to escrow taxes and insurance, and there are several kinds of documentation / inspection / appraisal type fees. If you have been approved for a mortgage, the mortgage company is required to give you a broken down estimate of all closing costs within a few days of your approval. |
Subject:
Re: Closing Costs for First Time Home Buyer
From: research_help-ga on 13 Aug 2003 06:53 PDT |
One big fee that I forgot to mention is title insurance which is required by your mortgage company. This is about 1% of the cost of the house and is set by law. Every title insurance company will offer you the same exact rate. (This cost is included in my $8K figure mentioned above.) |
Subject:
Re: Closing Costs for First Time Home Buyer
From: maxduke-ga on 13 Aug 2003 11:22 PDT |
This information should have been made available to you by your lender. It woulf be a "GOOD FAITH ESTIMATE" and is REQUIRED by law to be signed by you within 72 hours of your application. Please check to see if you received. |
Subject:
Re: Closing Costs for First Time Home Buyer
From: rexkab-ga on 13 Aug 2003 11:44 PDT |
Technically we were pre-approved. (Not Pre-Qualified which holds lesser weight) We did not accept any mortgae from any mortgage lender, therefore we did not receive a list of pre-approval costs! I did email both Associates from the mortgage company for a detailed itemized list. (so far no response) Thanks for everyones help and suggestions! |
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