Lakafan, That can depend on the type of mortgage you get. I typically estimate 3-4% of the purchase price for my buyers. Certain loans(and lenders) require costs and impounded taxes, insurance, etc. I always insist my buyers ask their lender and escrow holder for " Good Faith Estimates". This will spell out your estimated costs and your monthly mortgage payment. Know before you sign so there are no last minute surprises!!! Best of Luck with your move!!

On a home purchase is always best to estimate 3-4%, FHA loans fees can be high, so always aim a little higher. Is always a good idea for you to keep in close communication with your lender and asked as many questions as possible, they can also give you an estimate of what your closing cost will be base on the type of loan and purchase amount you can afford.

Best of luck.

Dawn Welch, CDPE
RE/MAX Marquee Partners
323-253-6884
email: DawnWelch4homes@gmail.com

Well, that depends upon where you are getting your loan....and from whom. If it's 3% of the purchase price, the closing costs on a $112.5 purchase would be 3,375.

Hi Lakafan,

This is a question your lender can answer with a good faith estimate. If you are doing an FHA loan expect the fees to be about 5 - 6%. You may think this is a lot, but the percentage seem big, because the purchase price is so little.

I strongly recommend you to consult with your lender

What has your agent said about this? It is difficult for us to know because we don't know what kind of loan you are getting, what the seller is paying if anything, if there is a loan origination fee... typically you can expect to pay between 3%-3.5%. Your agent would be the person to go to for this.

Dyanna