Hi Steven,

I have an easy to use Excel Spreadsheet that my clients seem to like. It will estimate your closing costs for a given purchase. Give me a shout and I'll send it your way. One other thing to note: if you end up purchasing a new condo, the seller will often pass on his or her closing costs on to you.

Good Luck,

Jim

Steven, closing cost is a very complicated thing to calculate. Here are some pointers that i have used.
1. Find out from your lender how much they will want to escrow, (10 months of property taxes etc)
2. Find out from your Broker (assume you are using one) to give you a good faith estimate.

After you have those two numbers, find out how much the seller is willing to contribute to your closing, normally about 1%, depending on the seller. But keep in mind a few things, sellers have to pay the 6% so use that as a rule too. So the math should look like this.

(Negotiated Price + Closing) - Sellers contribution = Your new home..

Remember keep your eye on the prize, that is the final price, I often encourage friends to spend less time on the up front negotiating and spend more time on getting the seller to give you want you want on closing..

Its almost impossible for anyone here to tell you what your cost will be and saying it could be 2% - 4% is flawed. Since its really dependent on your lender.

Steven,

Closing costs vary according to your own specific circumstances and can even be factored into negotiations with the seller, ie. seller's contributions. Certain costs are non-negotiable such as mortgage tax and title insurance, both very expensive. Mortgage tax alone in Kings county is almost 2% of the loan amount. For a $520,000 mortgage, or 80% of the upper end of your price range, the tax will be $9,980.00. Feel free to contact me with any questions.

E-jturnquist@guardhill.com
C-845-544-3001

Speak with your mortgage broker or bank loan officer. They will provide you with an good faith estimate that will itemize most costs.

Conservative attorneys advise you to be prepared with 4% for closing costs and you can expect to walk out with some of that still in your pocket; better to be prepared.

Hi Steve,
Best wishes to you. You do have a lawyer right? your Lawyer should be able to tell you what ever it is you need to know.If however you dont havce one I'll give you a great lawyer to work with just e-mail me.pristta@aol.com.your cost could be up tp 18000 0r as low as 8000 you need a lawyer my friend.
Good Luck
Connie