Your closing cost include several indivisual fees. Title, Escrow, Taxes, recording fees, just to name a few.
A good guess amount to be preparred to pay is about 2% of the purchase price. This fee can vary from one escrow company to the next, but the 2% rule is a good place to come up with a dollar amount to prep for.
Kawain Payne, Realtor
Closing cost is different depending on loan amount, loans $ 417k conforming, $417k to $625,500 super conforming, $625, 500 over Jumbo loans (as you can see loan amounts are diferent due to the size) Now, LTV over 90% in California will required PMI.
The question will be, how much does a lender charge to do my loan?
Ok, any loan amount Kinecta FCU will charge for a purchase $895 (no points) guaranteed closindg date (loan to close in 30 days -.Money-backed up to $895).
On top of that you will get $500 for closing cost, plus .625bps for bette rate or rebate for closing cost, plus VIP membership with all banking benefits!!!!
Please contact me to provide all the above information in writing.
http://www.kinecta.org/lquintero (get your pre-approval)
Hope that helps,
1. Close at the end of the month rather than at the beginning or middle of the month so your prepaid interest will be minimal.
2. Go with a little higher interest rate so that your lender will give you a rebate to cover most of your closings costs.
3. Compare interest rates and loan costs between lenders. There can we a wide disparity between lenders in both these areas.
4. Ask the seller to pay 3% of your closing costs. Most loan programs allow sellers to pay closing costs of 3% even if you are only contributing 3% yourself as the down payment.
5. Make sure your lender is able to close your purchase within the designated time period of your escrow. Many lenders these days are not able to close in a timely manner. As a result, you could be subject to penalties for each day you exceed your scheduled close of escrow date. This could add unnecessary closing costs and stress to your transaction.