Home Buying in Champaign>Question Details

mcneal802002, Home Buyer in Champaign, IL

How much can i expect to pay in closing costs for a $150,000 house in Champaign-Urbana, IL?

Asked by mcneal802002, Champaign, IL Thu May 2, 2013

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5
It all varies according to the lender so you may shop around several banks.
0 votes Thank Flag Link Sat Oct 26, 2013
This really is a good question for your lender since they know all of the specifics of the property and their costs for the loan you will be obtaining along with down payment information which is different than closing costs.

Hope that helps, good luck on your home purchase
0 votes Thank Flag Link Fri May 3, 2013
Good morning, McNeal! My fellow Realtors answers are all correct. I would say in my experience over the past 9 years, if you go with a local bank, closing costs can range from a low of $800 to a high of $2400; it depends on loan program, amount of money borrowed, and credit score. There are actually 2 banks in town running promotionals right now where they are not charging for the appraisal which saves you several hundred dollars in fees.
0 votes Thank Flag Link Thu May 2, 2013
If you are doing a conventional loan, the closing costs would be right around $1,500 give or take a couple hundred dollars depending on which bank you select. Some banks tend to be a little more expensive in their closing costs so it is very beneficial to shop around for both closing costs and interest rates.

The only other costs that you would have at closing is your down payment. This could be anywhere from 0% to 20%+ depending on what financing route you go.

Right now, I know of a lender that is offering $400 off of their closing costs by waiving their appraisal fee, and they are also offering a discounted interest rate. It's hands down the best deal that I have found so far. Their closing costs are about $800 right now with the promotion they are running.

Feel free to contact me directly and I would be happy to share the name of the lender that is offering this deal and answer any more questions you might have!
0 votes Thank Flag Link Thu May 2, 2013
Good Morning. Standard closing costs should not exceed $1500. The additional monies required for the mortgage would be contingent upon the type of financing that you are utilizing. Please feel free to contact me directly with any other questions regarding. Happy House Hunting!
0 votes Thank Flag Link Thu May 2, 2013
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