how much will be my closing cost of $400000 purchase in santa clara county , california?

Somu
Home Buyer
San Jose, CA

Answers (3)
Terri Vellios
Agent
Campbell, CA

Your purchase contract, date of closing, escrow company, and loan type will determine your fees. So what I'm going to give you is a very rough estimate for Santa Clara County, Santa Clara City - so verify with your agent, lender etc.

If you purchase a home for $400,000 and put 20% down and pay 1% to your lender for points;
$3,200 lender points
$4,500 escrow, title, tax, recording transfer, inspections, home warranty, etc.
$3,100 prepaid reserves for taxes, insurance,

Now if you are financing with FHA , CHAFA, or HomePath loan your fees will be higher. Also, if you purchase in city of San Jose you will split $3.30 per $1000 of city transfer tax with the seller. Then again all fees are negotiable between the parties. Some sellers may offer to credit the buyer for some closing cost.

Summary some of the bullet points of closing cost,
Lender Fees, include points, appraisal, credit check, processing fees, perhaps PMI,
Title and Escrow fees also include the recording, and transfer fees
Property Tax transfer fees are $1.10 per $1000 for Santa Clara county (usually paid by Seller)
Property Tax transfer fees for city of San Jose $3.30 per $1000 split 50/50 by buyer and seller
Home Owners Association Transfer fees paid by Buyer $200 - $500
One Year Home Warranty between $250 and $600
Property Inspections, Termite Inspections, Chimney, Roof, etc. $700 - $1200

Hope this estimate helps.

Tue Jul 28 2009, 22:54
Bill McCord
Broker
San Jose, CA

Good morning Somu.
You're smart to ask the question but it is impossible to answer without all the relevant information about your loan, your purchase cantract, and where the property is located. Your Realtor is the one person that has all the required data to provide a useful answer.
If you don't yet have a Realtor then I advise you choose one, and be sure they are familiar with the Cities you are considering. If you don't plan to use a Realtor then be prepared to pay the price in other ways.
Good luck,
Bill

Mon Apr 20 2009, 08:52
Tony Camero
Agent
Houston, TX
FIRST ANSWER

I dont know the california law, but I can give you an estimate from a texas perspective. ......the only problem is that I dont know some specifics......aside from the down payment. ..i am going to say between 15-20K

Sun Apr 19 2009, 23:52

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