Financing in Woodridge>Question Details

Jim, Home Buyer in Woodridge, IL

How much are typical closings costs in Illinois?

Asked by Jim, Woodridge, IL Sat Jul 26, 2008

I recieved a thing in the mail for a Bank Of America No Mortgage Plus loan. They offer to pickup all the closings costs and require no PMI. Now I am working with another lender who is working to get me a government grant for first time home buyers.

I am just trying to figure out if the grant would give me more money or if the no closings cost loan is a better deal. The places I am looking at are townhomes/condo's in the Woodridge, IL area priced between 80k-95k,

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Have you considered taking all the information you have obtained place on an excel spreadsheet compare the information. Ask the mortgage brokers participate in the comparison where you full understanding. I am a Dallas mortgage loan officer, forward a template to my clients who wish shop rates. If you know your credit scores talk "shop" not allow many lenders pull credit scores till you are ready to purchase. The credit scores are valid for approx. 60 days.
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2 votes Thank Flag Link Sat Jul 26, 2008
Jim, I would ask the seller to pay your closing costs and work with your lender on the goverment grant for first time homebuyers. These require a lot of legwork on the part of your lender and he/she sounds like they are working hard for you if they are looking at getting you grant $$
0 votes Thank Flag Link Mon Jul 28, 2008
Typically you're looking at around 1.5 to 2%.
0 votes Thank Flag Link Mon Jul 28, 2008
Hi Jim-
Usually closing costs are between 2-3% of actual sales price for a buyer.
I would think that one lender should be able to produce both types of loans. So, you should find a lender that will pick up the Closing costs, and find you a grant.

If you'd like you can contact me directly and I will forward you to an LO that is familiar with both plans.

Yes, it is true, that you don't want too many people pulling your credit, however, if they are all LO's and within 30 days. It will count as one pull. Especially when purchasing a home.
0 votes Thank Flag Link Sun Jul 27, 2008
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