How much money do you need for closing costs when buying a home?

Answer 1

The exact answer depends on many factors, from the interest rate on your loan, to how many fees are charged and of what type, what day of the month you close and which month of the year you close and how many and what types of inspections you have done.
having said that, in North Carolina, I always tell my clients to assume 3-5% of the purchase price of the home.

Answer 2

Hello,

You can typically assume 3-3.5% in closing costs assuming your being charged a point or so for origination. I would also agree that the time of the month and even the time of the year matter simply because how much pre-paid interest you have and how much you have to pay escrow for tax reserves etc... You always have the option of having your broker raise the interest rate to make extra money to cover your closing costs if you really want no money out of pocket but that in turn will raise your payments. Also on the flip side if you pay a extra % in closing your interest rate can be bought down and your payments will be less.

Answer 3

Anymore it's possible to get federal grants or loans with no closing costs. You have the option to finance the closing costs and down payments into the loan. Now this is not possible with all investors but it is possible to do. My suggestion is to call around and ask if this is something the broker works a lot in. If so they will most likely be successful in getting it completed correctly.

Answer 4

It depends on the fees that your escrow/title company and lender charge you, but in Northern CA we estimate 1 1/2% of the purchase price. So a $500,000 home would have around $7500 in closing costs.

Answer 5

,minimum 2% for the intail deposit as a buyers gurantee which goes towards the closing .Typically closing cost is 5% or lessof your purchase price

Answer 6

Something like what they said. I figure 2% plus or minus.

Answer 7

for what state and county?