Home Buying in Boston>Question Details

Mrs. Curtis, Home Buyer in San Francisco, CA

What are the closing costs and one time expenses associated with home buying?

Asked by Mrs. Curtis, San Francisco, CA Mon Feb 25, 2013

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Heath Coker’s answer
Hi Mrs. Curtis,

Lenders should provide you with a list of possible/probable closing costs.
Some costs will be optional and some will be necessary.

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1 vote Thank Flag Link Mon Feb 25, 2013
One time costs include home inspection cost and bank appraisal fee. Closing costs can be detailed and estimated by your lender. Be sure to work with an experienced mortgage broker.
0 votes Thank Flag Link Tue Feb 26, 2013
Some other one time expenses beyond the closing costs discussed below is various inspections. In Massachusetts, I've seen people spend up to $1000 on these or more. For example:

Home Inspection $300-600
Pest Inspection $125-250
Radon Inspection $75-150
Lead Pain Inspection ~$150

Other inspections I have seen include having contractors, engineers, etc. come out but these are not as typical as the above inspections.

The deposits & downpayment could also be considered a one time expense that will eventually be credited towards closing. Some first time buyers do not realize they need to have this money up front (at offer stage and at P&S... basically, well before closing) so I like to include that in my discussion of up front monies needed to purchase a home.

Another thing to note is that many lenders can offer rates that include them paying a portion of closing costs and/or a seller concession is quite common... both help to cover some closing costs and keep capital in the buyers pocket. I work with many veterans elgible for 100% financing and often the only money out of their pockets when purchasing a home is the inspections; they are credited back their deposits at closing due to the 0 down program and have had other costs covered by the bank or seller.

Good luck!
0 votes Thank Flag Link Tue Feb 26, 2013
Mrs. Curtis

The best way to get these numbers is through a mortgage professional as it is based on the price point of the property. Are you working with someone in the Boston area ?
0 votes Thank Flag Link Mon Feb 25, 2013
The mortgage broker/bank would have a better idea but they are 3-4%.

Best Of Luck
0 votes Thank Flag Link Mon Feb 25, 2013
Closing costs are usually around 3-4% of the selling price. They include a number of things and usually at closing he attorney and or mortgage broker provide you with a HUD settlement statement or a good faith statement which shows what your closing costs are and how they came to that figure. Sometimes you can have the seller pay some or most of your closing costs if you include that as part of the offer
0 votes Thank Flag Link Mon Feb 25, 2013
Mrs Curtis,

There are no tax amounts paid to the state on a purchase in MA by the buyer. Those are paid by the seller.

Closing costs are generally less than the 3-4% range here in MA. More in the 2% range depending on loan amount and purchase price. I would be more than happy to send you my "closing costs explained" document so you can be aware of all of those costs.
0 votes Thank Flag Link Mon Feb 25, 2013
If you visit a local lender or mortgage brokerage business and obtain a pre-approval for a home loan, the loan officer/mortgage broker will provide you with a Good Faith Estimate which will be in accordance with the property type and property value you qualify for purchasing.
0 votes Thank Flag Link Mon Feb 25, 2013
Dear Mrs. Curtis:

Closing costs as a buyer tend to be in the 3% - 4% range of the purchase price. A number of factors determine this but are not limited to mortgage payments, points if any, tax amount, attorney fees if any, escrow fees if any, insurance fees, survey/deed recording, etc. A good resource that I point all my clients to is a Closing Costs Calculator from Yahoo. Hopefully that will give you a better idea. Here is a link:


Good luck with your home purchase. If you are looking in Californnia, I envy you and the beautiful weather year-round!! Have fun and it was a pleasure speaking to you.
0 votes Thank Flag Link Mon Feb 25, 2013
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