Home Buying in 91320>Question Details

Sh, Home Buyer in 91320

How much are the closing costs for an approx 580K house with 10k back for closing costs? Looking for a conventional loan.

Asked by Sh, 91320 Sun May 23, 2010

Help the community by answering this question:

Answers

2
Hi Sh,

The mortgage professional you eventually decide to work with is the best source for this information. The use of percentage estimates, as Barry suggests below, is also quite common. However, if you seek to understand the breakdown of costs and want to compare Escrow providers’ cost structures at the same time you can use http://www.closing.com to review estimates.

Please review this 2-page primer on "rate shopping" before you contact a broker so you are informed about the process:
http://docs.steven-anthony.com/RateShopping-DoItRight.pdf

Also if you are interested in understanding what pushes mortgage rates up/down also see:
http://docs.steven-anthony.com/SAR-HowMortgageRatesAreDeterm…

Best, Steve
0 votes Thank Flag Link Mon May 24, 2010
Hello Sh,
Your lender should have already given you a good faith estimate of closing costs for you to sign. Plan on just less than apx. 3% of the purchase price for non-recurring closing costs. There are assumptions that the property will appraise and the seller is paying for typical items such as termite, HOA docs, NHD report and their own escrow-related fees. The date you close will determine how much money you'll need to pay for county property taxes in advance (based on the sellers tax basis).
0 votes Thank Flag Link Sun May 23, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer