topic Re: Help with closing cost figure in Mortgage Loans

Help with closing cost figure

Anonymous — Thu, 28 Sep 2017 16:03:53 GMT

I am planning on purchasing a home in D'Iberville Ms., Harrison County, for 284,900, FHA, pay the 3.5% down which is 9975.00, and I get 1,000.00 credit toward closing, Insurance is est. at 1200/year, tax rate is 0.67, and doing 30 year mortgage. What would you say, or calculate a good estimate on closing total would be ? Thanks in advance.

Re: Help with closing cost figure

StartingOver10 — Thu, 28 Sep 2017 22:26:46 GMT

@Anonymous wrote:
I am planning on purchasing a home in D'Iberville Ms., Harrison County, for 284,900, FHA, pay the 3.5% down which is 9975.00, and I get 1,000.00 credit toward closing, Insurance is est. at 1200/year, tax rate is 0.67, and doing 30 year mortgage. What would you say, or calculate a good estimate on closing total would be ? Thanks in advance.

Have your lender provide you a worksheet with an itemized breakdown of expenses. In my area a home in the $285k range runs about $17k to $18k for down payment and closing costs and pre-paid expenses (for a resale - more if it's new). Your area might be less because your insurance cost is low and we have HOA expenses which you didn't mention at all.

Re: Help with closing cost figure

Anonymous — Thu, 28 Sep 2017 23:18:56 GMT

Not sure if have HOA fees, wasn't told, but no sheet, just talk on phone said ballpark 8k for closing but no idea how accurate that is as been told 5-8k by different lenders.

Re: Help with closing cost figure

StartingOver10 — Fri, 29 Sep 2017 01:42:12 GMT

A verbal is useless. Get an itemized worksheet based on the actual property since you have it already picked out. If you don't have one picked out, then get a written estimate based on a price you qualify for - and use the prevailing taxes and insurance and HOA, if any.

If you have a contract for a house and don't have a written loan estimate of expenses, you may end up with more than you can afford. If the LO won't put it in writing, that's a problem. They all have worksheets that they can use before they go to an actual LE.