Financing in Philadelphia>Question Details

sundeepzaveri, Home Buyer in Philadelphia, PA

Closing Costs in Philadelphia

Asked by sundeepzaveri, Philadelphia, PA Thu May 17, 2012

Each mortgage company has given me estimates on closing costs. What closing costs are mandatory regardless of which company i go with.

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6
Brooke Willmes’ answer
The closing costs that are mandatory (that you will be charged regardless of which lender you use) are 1) Transfer tax within the County of Philadelphia of 2%--1.5% to the City, .5% to the State; 2) Deed and mortgage recording fees; 3) Title insurance (if you have a mortgage) and title related charged like closing protection letter, endorsements, notary fees, express mail charges, e-doc fees.; 4) escrows (make sure when you're comparing estimates that they're including the same amount of months.)

Lenders usually will give you estimates of taxes and homeowners insurance. Since these are only estimates unless you have a specific property in mind and you've obtained a quote for insurance, make sure not to include these numbers when you're comparing quotes.

The types of fees that will change from lender to lender are basically the rest of the fees. Your real estate agent should be able to review these quote with you line by line if you still have confusion.
0 votes Thank Flag Link Sun May 20, 2012
Hello,
Figure 7% of the sale price for closing costs. If I can help you find your dream home, please feel free to give me a call @ 215-327-8104
Kathy Hanigan, Broker
0 votes Thank Flag Link Thu May 17, 2012
In Philadelphia... It's the lovely Transfer Tax = 2% of sale price
Web Reference: http://www.homecatch.com
0 votes Thank Flag Link Thu May 17, 2012
You will also have to pay for appraisal in addition to other fees mentioned and will most likely have to set up an escrow account for taxes and insurance and upfront MIP if FHA loan.
0 votes Thank Flag Link Thu May 17, 2012
All are standard except processing or conveyancing fees, and points always vary depending on lender. If would like a line by line explanation feel free to contact me at 267-228-3910 or remaxnicks@gmail.com
0 votes Thank Flag Link Thu May 17, 2012
Somewhere around 5%. Only the transfer tax of 2% is percentage based. The other closing costs involve flat fees and title insurance, the second largest cost after transfer tax, is formulated based on purchase price. There are many factors to consider and it varies from property to property. Feel free to contact me for more specific information.

Michael Garden
215 500 2981

mg@michaelgarden.com
0 votes Thank Flag Link Thu May 17, 2012
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