Just on average..
For a mortgage around 300k.
2007-03-16 08:10:08 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Purchases and Refinances are always the same with exception to escrow, title, and recording fees. The "real negotiable" costs are lender's fees. More specifically, points. You can certainly get Zero point loans, but the cost in the long run is higher. If you plan on keeping the loan (the property is irrelevant here) for more than two years, you should expect to pay about one point. Note: one point is equivalent to 1% of the new loan amount ($300,000 x 1%=$3000). All other lender's fee (or BS fees) SHOULD not exceed $750. If this is a purchase, you can ask the seller to pick up the costs, but guarenteed you'll pay for it in the long run. Consider this: if you were selling your home and a buyer came along and asked that you pay $10000 in HIS closing costs, wouldn't you be less apt to lower your sale's price? Believe me, sellers have this thought in mind. Since the seller retains the higher sales price, you end up with a higher (property) tax rate and you lose the tax benefit by paying the costs (most especially points) yourself. Negotiate the contract so you can determine the most that the seller would be willing to pay, then cut that number in half and reduce the final sales price by that number. Everyone will be happy and everyone will get their tax breaks.
2007-03-16 08:40:51 · answer #1 · answered by ucla987 2 · 0⤊ 0⤋
For a mortgage around 300k it really depends on the lender, because generally with all the fees like underwritting , processing, appraisal, and all the stuff that goes into processing a loan that alone can be a few thousand dollars, but then the person doing the loan also gets an origination fee. So it really depends on the company that you go threw.
2007-03-16 08:50:54 · answer #2 · answered by chariotawaits_26 1 · 0⤊ 0⤋
err 300K closing add 25% to that I'm to scared to figure that amount for you 25% is adverage it's a buyers market not a sellers
2007-03-16 08:13:08 · answer #3 · answered by Juleette 6 · 0⤊ 0⤋
buying about 2%
selling about 10%
2007-03-16 08:12:04 · answer #4 · answered by k_ttyc_t 1 · 0⤊ 0⤋
I have never paid for closing costs, negotiate that make the seller pay for it!!!! he is the one gaining anything!!
2007-03-16 08:14:02 · answer #5 · answered by gtamayo1 4 · 0⤊ 0⤋
mine was 12,500 for a 200K house. yours should be around there. but i believe it varys by state
2007-03-16 08:12:30 · answer #6 · answered by brandon316b 1 · 0⤊ 0⤋
Probably around 5k...
2007-03-16 08:14:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋