Home Buying in Chicago>Question Details

Michelle Mil…, Home Buyer in Chicago, IL

Closing costs? Can anyone estimate or explain re: closing costs?

Asked by Michelle Milligan, Chicago, IL Thu May 24, 2012

I am looking at buying a 170K condo in Chicago. Can anyone estimate or explain why the estimates seem to be all over the place re: closing costs?

Help the community by answering this question:


Hi Michelle,

The only person that can give you the most accurate estimation is your lender. He/she gathers the information from the various sources, i.e., title company, attorney, loan fees, doc fees, etc...

As a guide one of your biggest expenses will be the city transfer tax which is $7.50 per $1000,
$7.50 x $170 = $1275, plus your attorney fee then add the lender fees, doc fees, etc...which again you get from you lender.

If you don't have a lender (meaning you're paying cash) then ask your attorney for the other fees.

Hope this helps & good luck!
0 votes Thank Flag Link Tue May 29, 2012
Are you paying CASH?
If so your closing costs will be lower.

Are you obtaining a Loan?
If so talk to your lender and they should be able to provide you with a rough estimate.
FHA Financing has higher costs than Conventional Financing.

If you put down less than 20%, then your costs will be higher than if you put down more than 20%.

Normal and custmary fees include:
Title Insurance
Underwriting Fees
Govt Fees
Flood Certification

Should you need any assistance feel free to contact me:

Bill J Deligiannis
First Centennial Mortgage
0 votes Thank Flag Link Thu May 24, 2012
It depends on a lot of factors which is why they are different. The lender would be your best bet for an accurate account of what they are because it alll has to do with your loan. I think its safe to say that they would be around 3500-5000 on a 170k purchase.
0 votes Thank Flag Link Thu May 24, 2012
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