As Monique so well described, closing costs depend on the sales price as well as the local taxes, escrow fees, etc.
The following information is designed to help borrowers understand the types of closing costs involved in obtaining a first mortgage. The costs will vary depending on the city, county, type of mortgage and loan amount.
Items Payable in Connection With Your Loan
Loan Origination Fee-Typically 1% of the loan amount ( $100,000 loan would be $1,000).
Appraisal Fee $275.00
Credit Report $65.00
Tax Service Fee $70.00
Underwriting Fee $300.00
Flood Certificate $25.00
Pre Paid Items
Interest-will be between 1-30 days, depending on when in the month you close
Hazard Insurance - 1 year premium
Hazard Insurance - 2 -3 Months
Taxes - 2 - 3 Months
Mortgage Insurance - 2-3 Months if applicable
Closing Fee $125.00
Title Policy $75.00-$750+ Depending on loan amount, purchase or refinance
Courier Fee $20.00
Recording & Transfer Fees
Recording Fees $45.00
Documentary stamps (varies by state)
Intangible tax and stamps on mortgage (varies by state)
There may be additional costs which vary depending on the lender and the buyer's credit. At least this information can serve as a guide for what is involved in closing costs.
Should you have any other questions, please feel free to contact me at http://www.maggiehomefinder.com.
As has been said, they vary widely based on factors of your transaction.
I am currently covering most and in some cases all closing costs upon close of a new sale or purchase. If you are looking for a Realtor in Los Angeles, I would be happy to discuss my services with you.
Best to you!
Sam Andress, Realtor
CalBRE Lic. #01979536
Here is an awesome Mortgage Closing Cost Calculator: https://www.besmartee.com/mortgage-calculator/closing-cost-c
Simply type in your loan amount, the origination fee your paying to attain the loan (Usually 1%-2%), your quoted interest rate for the mortgage and your property tax rate (in Los Angeles, it is approximately 1.1% of the property value)
You will be able to see a breakdown of all the closing costs involved in your transaction.
Hope this helps!
There are many variables that can contribute to this. I would be glad to discuss it in more detail with you, if you call/text me at (424) 302-8008 or email me (firstname.lastname@example.org).
Feel free to also check out
For some FREE informative articles & reports for sellers.
Also http://www.taylorcresswell.com has properties that are currently available for sale.
Real Estate Agent
Short and sweet, I use 2% of the purchase price as an approximation that would not include your commissions if you are the seller. As both Maggie and Monique pointed out, it depends on a number of things, including the price.
Closing costs depend on the sales price. A few other variables include If you have any prepayment penalties on your loan or owe any back taxes. If you are paying for a home warranty, giving the buyer any credits and also how much termite work your home may need and also what the commision is to the agent that lists and sells your home. Title and escrow fees are usually based on the sales price. Also in Los Angeles we have a County and City transfer tax. Also how much it costs to get your home compliant with water conservation items (toilets, shower heads), smoke detectors and gas shut off valves for earthquakes. For an accurate calculation please shoot me an email. I know there are some agents on Trulia Voices that may be just trying to get a listing or a sale, but honestly the best way to provide an accurate calculation is to look at your paticular scenereo. Feel free to shoot me an email at email@example.com.