what percentage do you use, and do you use the loan amount or the amount paid for the property?
2007-09-16 14:51:48 · 7 answers · asked by ben h 1 in Business & Finance ➔ Renting & Real Estate
usually 3% of the purchase price.
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Good luck!
2007-09-17 11:20:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You don't. Its given to you on your Good Faith Estimate before your loan is ever placed into underwriting. If those fees are not acceptable to you then you dont take the loan.
But you have to be reasonable. There are many third party fees over which the broker/loan officer has no control, such as title fees, insurance, etc. Additionally, you can't expect the LO to make no money. If you see a GFE with no money going to the broker then they are making money on you somehow. I promise you that no one does this for free.
After all is said and done typical closing cost are between 3% to 5% of your loan amount.
2007-09-16 16:06:18 · answer #2 · answered by ii7-V7 4 · 0⤊ 0⤋
ok closing costs vary depending on several variables different lenders charge different fees bewar of no closign cost loans though you will find your paying almost 1%more in interest !
the national average for fees and costs is 5% check it out on freddie macs site below front an back
if you are trying to buy a home there is a salution to save you most if not all of your closing costs seller concessions
you can get up to 6% from a seller to go towards you closing
i know of only one lender that limits the amount of lender closing costs thats
directlendingplanet.com
2007-09-16 14:56:01 · answer #3 · answered by Anonymous · 1⤊ 0⤋
There are a potential of 21 different line items on a net sheet. It depends on the line item which you use!
It also depends if you are the seller or the buyer what is charged and what you negotiated so this is a complicated answer that has no good answer for you. Sorry. The state that you live in matters as well. Talk to the REALTOR, lender or the title person who can give you exact information! Good Luck
2007-09-16 15:09:35 · answer #4 · answered by helprhome 5 · 1⤊ 0⤋
Lots of tacked on fees and services that are not a % .
Whomever is processing your loan will give you a sheet listing all the costs and totalling them .
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2007-09-16 15:17:46 · answer #5 · answered by kate 7 · 0⤊ 0⤋
usually 3% of the purchase price, but this can vary with state
2007-09-16 14:58:28 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Check out http://www.mortgagefigure.com there is lots of information about refinancing, consolidation, bad credit mortgages and more.
2007-09-16 18:01:35 · answer #7 · answered by Anonymous · 0⤊ 0⤋