Foreclosure in 60641>Question Details

Villegas60641, Other/Just Looking in 60641

how much are the closing costs for a $135k home?

Asked by Villegas60641, 60641 Tue Aug 3, 2010

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This is contingent upon the lenders charges but a good rule of thumb is 4% of the purchase price, which breaks down to 1% loan origination, processing, appraisal, underwriting, title charges, attorney and in the city of Chicago transfer stamps and taxes which on 135k equal $1,012.50. But remember you must also set up escrows which will be a wash based on the tax credit you receive from the seller. Yeah 4% is a good rule of thumb.
1 vote Thank Flag Link Tue Aug 3, 2010
Depends of factors ...can go from the lowest 2k to 15k
0 votes Thank Flag Link Thu Oct 3, 2013
Closing costs vary greatly. It depends on the down payment, and several other charges from your lender. Ask your lender for a good faith estimate of the closing costs. You can find more information here:
0 votes Thank Flag Link Mon Sep 16, 2013
Closing costs vary. A good rule of thumb is 3% of the transaction. To be sure, your lender should be able to give you a good faith estimate.
Web Reference:
0 votes Thank Flag Link Wed Aug 4, 2010
Each transaction is different. But on a purchase for 135k, I would say to be safe, consider an amount of around $2000-3500. I would ask your lender, and they would be able to tell you an exact amount.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
0 votes Thank Flag Link Wed Aug 4, 2010
Closing costs for a refinance are more than for a purchase.

If you're buying a home, get seller concessions negotiated into the contract so the seller pays for the closing costs. Make sure you choose a realtor who knows how to negotiate these properly! The only money you'll be responsible for is the down payment.

If you're refinancing, closing costs vary from lender to lender but should be anywhere from $1500 to $2000. If you want a lower interest rate, expect higher costs. If you want lower costs, expect a higher rate.

Hope I didn't confuse you. Good luck!

Michael Cline
Mortgage Banker
0 votes Thank Flag Link Wed Aug 4, 2010
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