Comments on: What Does It Cost to Buy A House?

By: Casey

Casey — Wed, 13 Jan 2010 23:26:26 +0000

The amount really will vary depending on the type of loan, which day in the month you close (closer to the last business day and you pay less in per diem interest), how much will be escrowed for property taxes and homeowners insurance, etc., But a VERY loose estimate is about 3% of the financed amount. So, about $3060 in closing costs. But a good lender should be able to nail that figure down for you, particularly if the property and purchase contract details have been determined.

By: raymond nelson

raymond nelson — Sun, 10 Jan 2010 01:12:24 +0000

Hi me and my wife are trying to buy a home for 102,000 how much should we pay in closing

By: Casey

Casey — Tue, 04 Aug 2009 18:24:34 +0000

First, congratulations on getting your first home! That is great and be sure to take advantage of the $8000 home buyer’s credit when tax time comes.

Second, WHAT? You’re lender isn’t giving you an estimated figure for closing yet? Unacceptable. And in violation of RESPA (Real Estate Settlement Procedures Act), which states a borrower must be given a Good Faith Estimate within 3 days of making a loan application.

If you haven’t already done so, lean on the lender. If that doesn’t work, speak to their manager. If you’re working with a real estate agent, ask for her to him to follow up with the lender as well. Get as many “squeaks” in your wheel as possible. Contact the closing attorney and ask if they’ve received the closing package from the lender yet (doubtful if the closing isn’t until next week, but you can ask.) If so, the attorney can tell you how much you’ll need for closing.

Feel free to contact me directly if you feel there is any information I can share that may help.

By: Shay

Shay — Tue, 04 Aug 2009 17:49:04 +0000

My husband and I are getting ready to close on a house next week that we had gotten in a forecloser. We are getting it for $48000 and yet our mortage lender can’t let us know a ball park figure that we need for closing. We are First time home buyers and feel that we are being screwed in some way or another. Thanks 4 listening.

By: Casey

Casey — Tue, 09 Dec 2008 01:34:14 +0000

When we bought our first house, way back in 1981, before the advent of “Buyer Agency”, that agent saw us coming. We never regretted becoming homeowners, but we know that we paid more than we should have and spent money on fees that were unnecessary. That’s one reason I like working with 1st time buyers. I still remember the feeling of being alone. And that’s just not necessary these days.

By: Lindsay

Lindsay — Mon, 08 Dec 2008 22:04:20 +0000

Very nice to have a list like this. I can say that, having just bought a house, one of the scariest parts was wondering what charges were legit and which weren’t. All of them for us were above board, but the numbers can get so big that you wonder!