Mortgage Fees

[ProudMomof5]

Since there are so many people that are trying to obtain a mortgage I thought it would be nice if a loan officer can give us some insight as to what we would need funds for and maybe a guessimate.  For instance, escrow, inspection, etc.

Thanks in advance.

[Anonymous]

Not a LO but this is what I paid for.

1,000 for good faith deposit

apprisial

inspection

termite certification

closing came to almost 4% of price of house

3.5% downpayment - (1,000 deposit)

I had 3% seller assist.

Message Edited by teacherhere on 04-13-2009 02:06 PM

[Draco]

Is that 4% on top of the 3.5 % down payment or including the down payment? 

[Anonymous]

On to of.

Exepct to need roughly 8% of the purchase price in total minus any seller paid costs/concessions.  that is a good rough idea. 

the earnest money can be used as par tof the down payment.

[Anonymous]

on top of down payment for taxes, closing fees, escrowed insurance and taxes, title insurnace, ect, ect, ect

[Anonymous]

---

@Anonymous wrote:

On to of.

Exepct to need roughly 8% of the purchase price in total minus any seller paid costs/concessions.  that is a good rough idea. 

the earnest money can be used as par tof the down payment.

---

So if I buy a $500,000.00 house and put down $17,500.00 my escrow fees will be $23,500.00 to equal $40,000.00? That seems very high.

[Anonymous]

Well, as you get higher in price some of the costs do not go up so as far as a percentage, it will go down.  I would expect 6-7% total costs with 3.5% down at 500K.  that depends upon alot of things.

One thing, I think at 500K you will need more than 3.5% down as you will be out of FHA limits and most conventional loans are 5% minimum.  The good news is the the closing costs for conventional are a little lower...