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November 16, 2007
closing costs
We're about to make an offer on a house in Ditmas and are wondering how much to budget for closing costs--coming from a coop, we're clueless here. Is 5% of the cost of the house a good estimate? Does it matter if the house is a legal two family (actually, there's an office on the first floor...). Thanks for any estimates you can give.
Comments
4-6% at least and depending on how much you are putting down, you may have to pay PMI which some lenders require you pay up front. It all depends on who you bank with. We were all set to go with Wells Fargo when they gave us a good faith estimate on closing costs of 49k on a 550k home. They tried to slip in 14.5k on PMI in advance so we told them to forget it. It all worked out for the best as we are first time buyers and ended up working with Bank of America which has a program for first time buyers that covers alot of the closing costs but they charge 4%. I liked Bank of America far better than Wells Fargo and that has nothing to do with the numbers WF threw at us - I found them to be much, much more professional and helpful in the process. We worked with a woman named Margaret Rivera - 212-503-7234.
Posted by: bedstuytownhouse at November 16, 2007 5:11 PM
this link should give you a solid estimate.
http://corcoran.com/guides/index.aspx?page=ClosingCosts#condo
Some of the fees are relevant only to condos but this should be straightforward. the big ones to watch out for are transfer tax, Mansion tax (if the property is over $1m, title insurance, mortgage recording tax.
I should add that if you are also using PMI due to a low downpayment then this is not covered in the above estimates.
We used this when we moved in august and it was a solid ball park. We were not subject to PMI costs.
Posted by: 10thStreetReno at November 16, 2007 11:03 PM
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