Buyer has closing costs estimate approx. $5K based on value of home up to $500K
These costs are paid up front
Inspection $400 estimate
Appraisal $400 estimate
Escrow Money ~ estimate approx. 1% of executed sales agreement applies towards your closing costs
Option Fee $100 or more based on sales agreement
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I'm with Doc and Ellen on this one. I have a spreasheet as well as the fidelity agent that I can offer but really, it's all meaningless unless you have already decided on a home and have an agreed upon sales price, know your loan product (discount points, interest rates, 2nd lien, etc), know your closing date, etc. All of these factors are critical factors having a signifcant impact.
If you are considerig buying a home and need to know what it will cost you to get into the house and what it will cost you monthly, you really need to sit down with a real estate consultant like myself. As a buyer's agent I will be there for you from start to finsh, as well as continue to stay in touch with my client appreciation program. I send out a monthly email about market conditions, buyer or seller tips, or season home owner necesseties. If you would like to discuss more at length please call. Thank you and Merry Christmas!
The new HUD-1 Settlement Statement about to be implemented will cover these various charges, some from the title services area, some from the lender and so on. Currently, the new HUD-1 is not in use, primarily because it is complex and needs software to drive it.
The drawback of the current HUD-1 is that lenders don't all make the same assumptions about the cost of insurance and taxes, for example, and the lender charges can differ widely from what you may be quoted. Remember to read any estimate carefully for its assumptions and limitations. If you compare the bottom line only of how much your monthly payment is, but one lender estimates your insurance and/or your taxes too low, you'll be deceived by the better bottom line.
Focus on the monthly Principal + Interest charge portion of the monthly payment, plus any Mortgage Insurance fee to compare monthly payments. Don't be misled by cheap insurance estimates.
On the figure for cash you need to bring to closing, compare the figures without insurance and tax prepaids so you can see what the lender is charging you. Insurance will be selected by you and a fair comparison would put the exact same figure into each lender's estimate. The taxes are calculated by the title company escrow officer and turn out the same, too, regardless of lender. Title charges may vary somewhat from one title company to another, but usually not enough to warrant considering them, except that if one lender says they're much bigger than another, you have to wonder what they're thinking.
The new HUD-1 will have a 10% maximum increase on lender-controlled fees listed, 0% increase on some regulated items, and no maximum limit on increases of things that you choose the service supplier.
I had to wait until I got back in front of my computer to find the links I wanted. The following links may help you calculate some estimates of these costs, but they are in no way intended to be final answers. Tiny changes in the way the contract is set up, what day you close on, how the buyer is purchasing the home (VA, FHA, Conventional, Cash), etc. can all lead to changes in the net amounts you're looking at (on either buyer's or seller's side). I still would speak to your agent, title company, or lender about these items as you'll get a much better look at an estimate this way (or a final number if dealing with a lender approved HUD-1 Settlement Statement).
Buyer's Closing Costs (Microsoft Excel .xls file - download)
Seller's Closing Costs (Microsoft Excel .xls file - download)
Good luck with your calculations, but please seriously consider speaking with your agent, lender, or title company.
Matt Stigliano, RealtorÂ®
"Your all access pass to San Antonio real estate."
Just fooling around...
If you are a buyer - your lender is required to give you accurate numbers which you can hold them accountable to.
If you are a Seller, with an agent, the agent can easily provide the numbers, and if not, the title company could work up a preliminary closing document.
There really are no averages or rounded amounts that would prove helpful. Every transaction can potentially be different, and everything is negotiable... except my commission ;-) !!
Your lender or realtor can also provide you a sample.
I like the lender to do it best, as their fees are the most guessing work for anyone else who prepares.
When speaking with your lender you want to ask them for a GFE or Good Faith Estimate.
whether you're a buyer or seller, your agent, title company and lender could and should run the numbers for you. If you're not using a real estate agent, the title company and the lender should be creating the seller net sheet or buyer's estimated closing costs. If you're very close to closing you'll receive a lender approved HUD-1 Settlement Statement which will give you the final dollar amount you'll need to bring o the closing.
Hope that helps!
Matt Stigliano, Realtor (r)
(210) 646- HOME
Your REALTOR should be able to give you accurate numbers, as should your lender. Buying a home is a team effort, and like brain surgery, it isn't something you should do for yourself. Happily for you, the team works for you, the Buyer, and not for the Seller. The Seller's agent pays the fee for your REALTOR, so getting professional help doesn't cost you anything extra. Especially, if you buy a New Homes from a Builder, your REALTOR should be able to save you thousands of dollars and lots of time.
If you want to approximate the costs before jumping in, you can go to http://fidelitysa.com/ and use their calculators. One word of caution, if you don't know what the terms mean, let your REALTOR explain them to you and help you with the process. Some of the items will depend on what type of financing you use.
So, your first steps toward home buying should be:
1. Find a great REALTOR that you can trust. Look at their experience, personality, work style, company resources, and find a perfect match for you.
2. Find a great lender who can be your partner in arranging the right financing. One word of warning, your REALTOR has a fiduciary relationship with you - that is, they must put your interests ahead of even their own. Lenders are still vendors, so make sure that you comparison shop or have your agent check the numbers to make sure they are competitive.
Then, you can jump in and, getting good advice from your professional team, you can find and own a great home. Of course, if you want to talk with us, we are available for you. You can contact us at http://www.TellEllen.com.
Lots of luck,
Doc & Ellen Stephens, REALTORS
Keller Williams Realty
San Antonio, TX
Not quire sure to what extent are you needign a closing calculator. Are you on the buyer or seller side? Either way, we have them as does any title company.
Has your Realtor run the numbers for you on their calculator?