Home Buying in East Flatbush>Question Details

slick14life, Home Buyer in Brooklyn, NY

For a single family house in Brooklyn NY, 11234 with a final sale price of $305,000. What is lowest one could expect to pay in closing cost?

Asked by slick14life, Brooklyn, NY Mon Dec 10, 2012

The cheapest quote i have gotten so far is $11,000. This is for a 30 yr fixed loan with a interest rate of 3.375. Downpayment is 5% equaling about $16,000. I would like to know if there may be better deals out there. Please if you are going to response give a number even if its a rough estimate, dont respond saying to ask a bank im looking for insight from those that know.

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Hello, the closing costs in New York are usually 6% of the agreed purchase price (an approximation). You should expect to pay an approximation of $18,300. Depending on your offer ask your Realtor if you should ask for a seller's concession so you can get help with paying some or all of the closing costs. Just because you ask for assistance from the seller doesn't mean the seller has to do it, but it doesn't hurt to ask and if all depends on the situation.

Also the closing costs doesn't depend on your interest rate or mortgage term of 30 years.

If you have any other questions or need help finding a home if you're still looking feel free to give me a call at 646-725-5941, text me or email me at helpmerhonda1919@yahoo.com.
0 votes Thank Flag Link Wed Mar 6, 2013
Dear slick14life:

It also depends on your qualifications. Some banks will pay part of your closing costs but the interest rate may be higher. Sorry I cannot give you more details but it is too hard without seeing your credit report and income statements.

You stated you are speaking to several banks right, I would speak to 3 different banks and one mortgage broker as well to see what is the best you can get. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Mon Dec 10, 2012
Hello;
I always tell my buyers to expect to pay approximatly 5% of purchase price to cover all closing costs: Appraisal, credit applications, Bank fees, your lawyer, the Banks lawyer, title insurance, mortgage insurance, mortage taxes, searches, recording fees, escrows and you might have enough to pay for a cab home after the closing!
Anything less and your holding your breath!
Yours,
Kathryn Lilly
Broker
Realty on the Greene, LLC
718-858-7600
0 votes Thank Flag Link Mon Dec 10, 2012
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