Home Buying in Myrtle Beach>Question Details

Rich, Home Buyer in Myrtle Beach, SC

I will be purchasing a small retirement home in Myrtle Beach and plan on spending about $100k. How much will I need for closing costs on this amount?

Asked by Rich, Myrtle Beach, SC Mon May 7, 2012

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6
It will depend, are you paying cash or do you plan to finance?

Mike Eaglin
Meaglin@kingoneproperties.com
0 votes Thank Flag Link Tue May 8, 2012
1.5% of purchase price average for a cash closing, 3%-4.5% for a financed deal, just depends on the terms of the financing.

Thanks!
JKim
0 votes Thank Flag Link Mon May 7, 2012
Depending on whether you are financing a mortgage or cash, anywhere between 1500 - 3000. You need to work with your realtor an obtain an attorney who can quote you a clsoing cost and then work with your mortgage lender. You can make this part of your offer and depending on the asking price and your offer the seller may be willing to pay your closing costs.
0 votes Thank Flag Link Mon May 7, 2012
Rich,
That depends on whether you are paying cash or getting financing. The controled costs are your deed stamps, attorneys fees, taxes, hoas, etc. On house that price you should have between $850 to $1200 in closing costs.
If you are obtaining financing you have your normal costs that I just explained plus any additional fees charged by your lender. Please feel free to contact me with any other questions you may have 843-455-6166 or njohnson@darganrealestate.com
For other Myrtle Beach Real Estate for sale please go to http://www.darganrealestate.com
Thanks
Neil Johnson
0 votes Thank Flag Link Mon May 7, 2012
Hi Rick,
If you are paying cash for the home closing cost would be much less than if you are getting a mortgage. You should plan on spending less than $1,500 if paying cash. If getting a loan it will vary because different lenders charge different fees. This is one reason that you always want to ask two questions of the lender. 1. What is the interest rate. 2. What are the origination fees?
Let me know if I can help in any way with your search.
0 votes Thank Flag Link Mon May 7, 2012
Hello Rich. If you plan on fimancing some of the purchase, your closing costs should run between $3000 to $5000. This will depend on your lenders fees and prepaid reqirements. If you a re buying with cash, your closings should be under $2000. Please keep in mind these are only rough estimates. Good luck with your purchase!
0 votes Thank Flag Link Mon May 7, 2012
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