Home Buying in 90047>Question Details

Lakafan, Home Buyer in 90047

how much should i expect the closing costs to be on a $112,500 purchase?

Asked by Lakafan, 90047 Wed May 13, 2009

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8
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
1 vote Thank Flag Link Wed May 13, 2009
Closing cost will vary based on the type of loan you recieve. Typically you should expect to pay 4% in Maryland, this does not include any down payment. It varries from county to county as well due to the fact that Docs and Transfers vary as do the terms set forth in your contract agreement. This is why it is very important to have a Real Estate Professional go through every aspect of the contract since it will dictate the closing cost you will incur
0 votes Thank Flag Link Tue Mar 19, 2013
Hi Lakafan,

That is a great question and definitely something you should know before going in to a purchase. Contact your lender for property specific information. Let them know the address, taxes as disclosed in the listing and any HOA or condo fees involved. Your lender should be able to give you a very detailed estimate of expenses.
0 votes Thank Flag Link Wed Jan 5, 2011
Get the seller to pay most or all of your closing costs... Want to know how?

Contact me and I will show you.... unless of course you already have representation.

Ed Evans The Real Estate Professsional...
0 votes Thank Flag Link Wed Jan 5, 2011
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!!
Web Reference: http://www.JudiAbbott.com
0 votes Thank Flag Link Thu Jun 18, 2009
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
Web Reference: http://DawnWelch4Homes.com
0 votes Thank Flag Link Thu Jun 18, 2009
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.
0 votes Thank Flag Link Mon May 18, 2009
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
0 votes Thank Flag Link Wed May 13, 2009
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