Home Buying in Anchorage>Question Details

copusak1, Home Seller in Anchorage, AK

what are typical closing costs for buyer and seller for a $ 450000 house.? what costs are required to be paid by the bank for the buyer?

Asked by copusak1, Anchorage, AK Sat Dec 7, 2013

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It would also be beneficial to ask your lender for a Good Faith Estimate (GFE). This document will itemize the fees and costs associated with the purchase. Along with the mortgage payment breakdown, you will see a closing cost portion that will include the pre-paids. If you are planning on asking the seller to cover your closing costs/ pre-paids, it is best to know the exact amount before the offer so that you do not leave money on the table :)
0 votes Thank Flag Link Sat Mar 8, 2014
Closing costs are determined by the type of loan you will be using to purchase the home. Some loans require that the buyer bring a minimum amount. For example, a FHA loan requires the buyer to bring a minimum of 3.5% of the purchase price. As a rule of thumb, if I have a buyer using an FHA loan and they are needing closing cost assistance from the seller, I will ask for 3% of the purchase price from the seller to cover the rest of the closing costs for the buyer.
0 votes Thank Flag Link Sun Dec 8, 2013
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