I forgot to say: I went to the Library and got some books, like the "Dummy" books, or some such. Go to the part where they talk about closing costs, what they are, points, etc. I found those books helpful.

Hello Nick,

I am a home buyer/seller, not a professional real estate person, so my experience comes from that.

I was able to negotiate some of the fees away (for example, I negotiated the credit check away. It hardly costs them anything to do this. (It takes appr. two minutes for them to do this). Ask them, be polite, but firm. Also, SHOP AROUND!

Hi Nick,

Your closing costs will vary from lender to lender, so you will want to request a written "good faith estimate" from any lender(s) you are considering. In our area closing costs typically range from 3-5% of the mortgage amount, so if you put 20% ($64K) down on a $320K purchase your loan would be $256K and you could expect closing costs somewhere between $7,500 and $12,500. Many lenders will also require you to establish escrows for taxes and insurance, which you may need to fund. I sometimes structure deals for my buyer clients with the seller paying some or all of these costs. If you like please feel free to contact me directly and I would be happy to recommend some lenders with lower than average closing costs.

All the best,
Cecil Provost, GRI, e-PRO
The ProTeam at Keller Williams Realty

Dear Nick,

I would like to congratulate you on your new potential purchase. It is a bit impossible to predict the actual costs, as estimates could be given. I am attaching a link, that I use with my clients. Closing costs are usually 4% of the purchase price.

http://realestate.yahoo.com/calculators/closing_costs.html

I would highly recommed that you discuss with you attorney. Good luck.

Nirmala Caraballo
Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
E-mail: nhcaraballo@yahoo.com