Home Buying in 01545>Question Details

R, Other/Just Looking in 01545

hi , if we purchased 370,000 home in shrewsbury ma.how much will be the closing cost? if it is 365,000 .how much will be closing cost in that area?

Asked by R, 01545 Fri Jul 9, 2010


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It really depends on your loan "program". There are many variables. Also, it depends on how much you borrow, what day of the month you purchase the home, how much you pay for title insurance, etc.

You know your situation, call a mortgage broker, find a program that works for you, and have a Good Faith Estimate drawn up. That will help you very much with what you need to know.
1 vote Thank Flag Link Sat Jul 10, 2010
You can look at the rate vs. the APR. Go sit down with a loan officer at a bank. When they give you the figures and it is a little cheaper somewhere else, tell them. They may offer to underwrite a grand or so you won't walk out the door. Some local credit unions will be cheaper because you are only paying for the necessary things. Get a few quotes and choose wisely. Great customer service at a bank can be worth a few extra bucks.
1 vote Thank Flag Link Sat Jul 10, 2010
Hi R,

You bring up a very good question, but it can be too subjective to quote a NUMBER.... I am sure you will receive some responses from mortgage professionals who might be able to give you a ballpark number, but I will start with some basic information......

When you discuss "closing costs", there are some items that will not differ based on sale price. Some of these items are: attorney fees, loan application fee, appraisal etc. Your lender will give you an idea of what the FIXED fees are.

There are some items that WILL vary based on sale price, however. For instance, if you decide to pay points to reduce your mortgage rate, each point will cost 1% of the sale price...based on a sale price of $365,000, one point will cost you $3,650. Speaking of mortgage rates, your payments can and will vary based on the rate you obtain. Again, speak to your lender.

Also, the "assessed" value of a home (not to be confused with the "appraised" amount), when multiplied by the town's tax rate (Shrewsbury is currently $10.31 per thousand) will give your real estate tax amount. You will most likely be required to PRE-PAY your real estate taxes at closing so plan accordingly.

I hope this helps!

Judy Boyle
RE/MAX Signature Properties
Marlborough, MA
1 vote Thank Flag Link Fri Jul 9, 2010
R, closing costs vary depending on pint, no point rates, atty fees, application fees, appraisal fees, pre paid taxes, 1 year pre paid insurance. Too many variables to answer with specificc certainty
Web Reference: http://www.mdmrealtyinc.com
0 votes Thank Flag Link Fri Jul 9, 2010
Closing costs can differ from purchase to purchase depending on yoru type of loan and how many points you are paying. On average most closings costs are 3% of teh purchase amount. however if you are or are not paying points on yoru mortgage, this amount can go up or down.

Check with your loan officer, they are supposed to give you a good faith estimate that states what your approximate closing costs will be. it is required by law.

good luck with your purchase..


0 votes Thank Flag Link Fri Jul 9, 2010
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