Mortgage Loans

[rubu]

Hi All,

I am NY state. First time home buyer.

Could someone please let me know is these are truly buyers closing costs? What are the amount that seller covers? Shoudn't seller share some of these costs?

this is for 350K house with annual taxes of about 10K.  My credit score is 816 and doing a 20% down. Please refer to the images below....

Appreciate the help..

regards.

[DallasLoanGuy]

if the lender puts it on there.... it is a cost.

there are no such things as junk fees.... they are a myth

here is the deal.

the bank is going to make their money on your loan. having knowledge might save you an application fee.... but they likely already have some fluff built into the rate. so while they say they will waive it..... they likely arent. they are just making it up on the rate.

you see.... rates and fees go hand in hand.

you cannot compare rates without fees and you cannot compare fees without rate

while those look like normal fees.... we would need to know credit score and down payment and rate to tell you if this is fair

[rubu]

sure... credit score is 816.....and 20% down. How about the seller needing to share these cost. I have heared that good realtors some how get seller to share costs.

[203bravo]

seller assisted closing costs are written into the offer contract.  If they didn't agree to them then, the likelihood that they will agree now are slim.

[rubu]

I haven't even made an offer yet....these are the estimates done by the lender.....assuming the offer is 350K.

[DallasLoanGuy]

this is how seller paids work

you find a house for $100K

you negotiate down to $95K

but instead of going into contract for $95K.... you go ingo contract at $100K with seller paying $5000 in closing costs for you.

there are other ways to negotiate it.... but this is the end result: you are financing the closing costs.

great deal for getting in with least out of pocket.... like if the 20% really stretches the budget

[rubu]

Ah got it....that makes great sense...does the Estimated prepaid and escrow also count towards the total closing cost or is that something seperate that the buyer have to cover?

[DallasLoanGuy]

---

rubu wrote:

Ah got it....that makes great sense...does the Estimated prepaid and escrow also count towards the total closing cost or is that something seperate that the buyer have to cover?

---

loan programs do allow for the seller to pay your prepaids too.... yes

[BCullum]

On a 250k house, with scores just north of 700, and a rate of 3.625 our total closing costs with prepaids are 8500.