Home Buying in Homosassa>Question Details

Ruth, Other/Just Looking in Lecanto, FL

How do you know how much your closing costs will be. Does it go by what you paid for the home.Are the fees different if you buy a mobile .Thanks Ruth

Asked by Ruth, Lecanto, FL Wed Dec 15, 2010

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The closing costs are determined by the title company and the lender. Typically on a cash deal, there are no closing costs other than maybe a $25 courier or filing fee.
1 vote Thank Flag Link Tue Sep 20, 2011
You need to ask your Realtor and your title Company, or the factors involved with the closing to give you an itemized estimate of what closing cost should or will be!
1 vote Thank Flag Link Fri Dec 24, 2010
You can simply ask your loan officer what the closing costs will be for each type of loan you are considering. When you apply for a loan they are required to give you a good faith estimate of those costs. Costs are based on what type of loan and the amount of teh loan. Yes MH loans are usually costlier than conventional loans.

Please see my blog for tips and advice on getting a mortgage in todays market
1 vote Thank Flag Link Thu Dec 16, 2010
Hi Ruth,

For a buyer, the closing costs are mostly your lenders fees. If you are paying cash, you will not have those. The other fees to a buyer are prorated things like the taxes, mobil lot fees, HOA, that sort of thing.

Have a wonderful holiday season!

Debbie Albert, PA
Keller Williams of the Treasure Coast
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Fri Dec 24, 2010
Good news for you, the government has tightened up on the GFE (good faith estimate) forms and they now have to be more accurate or they have to eat the difference. In the past the lenders, who will give you an estimate of the costs to borrow, had a lot of leeway in the numbers. Now they have to be more careful with their estimates. Ask your lender for a GFE. The costs vary with the type of loan, amount of loan and the taxes, insurance and recording fees for the property. The main difference in buying a mobile home will be the interest rate the lender charges for these homes and it will be higher.
0 votes Thank Flag Link Fri Dec 24, 2010
If purchasing with a mortgage, ask your loan officer for a good faith estimate regarding your closing costs, as much will depend on the type of loan--if purchasing in cash, your agent can give you a better idea of costs as none of us are directly involved in the transaction...
0 votes Thank Flag Link Fri Dec 24, 2010
You may find it more difficult to obtain a loan for a mobile home unless it is a newer one. I have found the cost to be similar. You do need to get your closing costs from the lender for your loan. You should also plan for home inspection cost, prepaid insurance and your down payment.

If you are paying cash for a home there is very little closing cost to you.

Find a Realtor to work with and they can walk you through all these steps and the expected out of pocket expense before purchasing.
0 votes Thank Flag Link Thu Dec 16, 2010
This is an execelent question and a very good one to ask your lender prior to commiting to them. That way you
can compare the costs. More specifically ask them to break down each item for you (Good Faith Estimate).
It is important to compare the closing costs (attorney fees) from each lender along with your interest rate.

Best of Luck!
0 votes Thank Flag Link Thu Dec 16, 2010
Ruth;
Your lender will have to provide you a GFE (Good Faith Estimate); and the title company/attorney closing the transaction will have to provide you with a HUD-1 (Settlement statement)
Web Reference: http://www.321property.com
0 votes Thank Flag Link Thu Dec 16, 2010
Hi Ruth,
Good question. If you are getting a loan, you will need to review your lenders expenses, feel free to shop around! As a buyer, your loan expenses and prepaids on taxes and insurance are your greatest expenses. Before the closing date, you should get a HUD1 statement, your closing statement that will outline all settlement costs to both the buyer and seller.

Here is something else you will need to know. What do you need to bring to closing:
Click Here:
http://www.trulia.com/blog/debbie_albert/2010/10/closing_day…

Best of luck to you!
Debbie Albert, PA
Keller Williams of the Treasure Coast
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Thu Dec 16, 2010
Hi Ruth,

Your mortgage broker/lender will be able to provide you with an estimate on closing costs. The loan amount will have an effect on the closing costs.
0 votes Thank Flag Link Thu Dec 16, 2010
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