topic Re: Someone help me understand what closing costs should be for a 380k home in Mortgage Loans

Someone help me understand what closing costs should be for a 380k home

Vegas247 — Tue, 23 Feb 2016 02:54:05 GMT

Back in 2005 ( the last house I bought and flipped) I bought a home in Las Vegas for 401,000 and the closing costs were about 2,900 through Country Wide Home loans. I'm ready to finally buy a home after all those years in the suburbs of Portland Oregon for 380,000. If the taxes on this house I'm try to buy was $3,950 for the year 2015, can someone give me a realistic fair amount that a mortgage company should charge. And, have the rules changed as far as prepay of property tax goes? Thank you....

Re: Someone help me understand what closing costs should be for a 380k home

Anonymous — Tue, 23 Feb 2016 03:32:55 GMT

Most people will try and get closing costs paid for by the seller, but it is standard practice to expect to pay anywhere between 2%-5% for closing costs. $7600-$19000. Could be lower, could be higher.

Re: Someone help me understand what closing costs should be for a 380k home

Vegas247 — Tue, 23 Feb 2016 04:13:08 GMT

Thanks SouthEast80....... Does the mortgage lender usually estimate high, because he wants 8700. To me that sounds ridiculous.

Re: Someone help me understand what closing costs should be for a 380k home

Anonymous — Tue, 23 Feb 2016 05:55:43 GMT

It's not that they estimate high, it's more of an amalgamation of various fees that vary from lender to lender. I recently received a loan estimate from my builder and they estimated the closing costs at $9100 and I had anticipated closer to 11k. To get a rough estimate of what closing costs would be, try out these links:

https://www.wellsfargo.com/mortgage/rates/compare-loans/

https://www.aimloan.com/

https://www.bankofamerica.com/home-loans/mortgage/closing-costs-calculator.go

They are nothing to bank on as 100% fact, but at least it'll give you an idea of what fees to expect/avoid/look out for.

Re: Someone help me understand what closing costs should be for a 380k home

mynameainttracy — Tue, 23 Feb 2016 12:37:34 GMT

We live in a higher taxed area and my closing costs on a $349k loan were $11,800 last year. About $3500 of that was the initial escrow deposit though.

Re: Someone help me understand what closing costs should be for a 380k home

Sassy_Taurus — Tue, 23 Feb 2016 12:45:10 GMT

This is exactly what I'm trying to figure out. My loan estimate shows $11,328 as the total cash to close. My home purchase is $170k 3.5% down FHA.

Re: Someone help me understand what closing costs should be for a 380k home

Vegas247 — Tue, 23 Feb 2016 14:46:38 GMT

I have been looking for a house for over 6 months.....I live in a pretty expensive area in suburbs of Portland Oregon.....my budget is 380k....in that price range, the nice houses sell in a day with bids left and right. I found this 5 bedroom home with 3 full baths that shows like a model.....I still can't believe it....built in 2001 with stainless steel appliances granite, crown molding....and close to my kids elementary...offered at 369k....my agent says I should bid 380k to get the house if I like it and am comfortable with....and that I should pay my closing cost....instead of the seller paying a portion of it to make sure my offer won't be beat.....its that crazy here as far as the real estate market goes. So playing the game where the seller pays the closing by bumping the sales price maybe would push it out of the appraised value....I need this house.....that's why I'm wondering the estimated closing cost of 8700 is too high?

Re: Someone help me understand what closing costs should be for a 380k home

Anonymous — Tue, 23 Feb 2016 15:27:07 GMT

is this $8700 based on the loan estimate you received?

Re: Someone help me understand what closing costs should be for a 380k home

leahkline86 — Tue, 23 Feb 2016 16:20:41 GMT

We are closing on a home March 11 in Oklahoma, purchase price $400,000. Closing costs for us will be about $9,000. Yearly taxes are close to 5k and insurance is about 4k/yr.