Closing costs

[katrinalbsn]

What are typical amounts for closing costs? Our purchase price is 220k... We were given an estimate but then told it's much higher than what it will really be.

[Anonymous]

I think it varies somewhat by area and lender - but typically between 2-3% of sale price (many of the costs are percentages of sale).

Where I live, it's standard for seller to pay close costs, and it's just figured into list price when people sell.

It also depends what day of the month you close on, since taxes, interest, insurance, etc... are prepaid at close, they are prorated for the month based on day you close. So the closer to the end of the month you close, the lower those pre-paids will be.

[StartingOver10]

Actually both seller and buyer pay closing costs.

The seller's costs are based on the sales price and the buyers closing costs are based on the mortgage amount.

If you want the seller to pay some or all of your closing costs, it has to be negotiated into the purchase and sale contract.  It is possible to do this in some slower markets, but in fast moving markets it is unlikely.