M, Home Buyer in 04101

What is the % buyers must pay for closing costs based on purchase price of a home in Mt. Airy - 19119? When is a home reassessed?

Asked by M, 04101 Tue Feb 26, 2013

How do we make sure there is a clear title and what does title insurance cost?

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Philip J. Cunningham Sr.’s answer
The long and short answer is it depends I know you want a number but it depends on many things. Just think if I ask you how much a new car cost with insurance. Do you think you can tell me. Every house and every Buyer has a differnt closing cost You need to talk with an Agent that you're going to work with. And by the way are you the Buyer or Seller because the closing cost are NOT the same Please call me at 215-725-5700 X49 for the details.Just remember the more information you give a REALTOR the better the answer. Facts and information = CORRECT Answer

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700X49
philcunningham2004@yahoo.com
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Wed Feb 27, 2013
It is important to consider closing costs in the early stages of considering the purchase of a home. Especially if you need to know how much money you are going to need (a concern for most of us). Make sure you ask about lender closing fees when you start to shop for a mortgage.

Closing costs vary depending on several factors; the cost of the property, taxes, type of financing, lender escrow policies and homeowners insurance. On a cash deal in Philadelphia County 19119 for a typical single family home in the $100 to $200K range the buyer will pay 2% transfer tax and title insurance (typically approx. 1% but the %age rate decreases as the value of the property increases) approximately 3% on a cash deal + prorated real estate taxes for the remainder of the year + recording and possible broker/closing fees = about 4%.

The rest of the charges are escrows (mostly consisting of 11 months of taxes & homeowners insurance), pre-paid mortgage insurance and lender fees. For a typical conventional loan expect total closing costs of about 6 to 7%. For FHA expect it to be 8 to 9%. There may be other financing alternatives available to you with different fees. How much homeowners insurance you have to pay up front and in escrow is big cost make sure your lender explains your escrows for homeowners insurance before you buy insurance. The fees associated with your loan are also be a large expense which can vary.

On FHA loans the seller may contribute up to 6% towards your closing costs. On conventional loans the seller may usually contribute up to 3% but generally up to 6% if your down payment is over 6%. Be sure to consider and ask for seller assist before submitting an offer.
0 votes Thank Flag Link Tue Feb 26, 2013
Title insurance is a percentage of the purchase price no matter where you get it.
There is no exact % of closing cost fees, it all depends on what your purchase price is and your transfer tax as well as escrows. whoever you are using for financing should give you a GFE ( good faith estimate ) with all your fees
0 votes Thank Flag Link Tue Feb 26, 2013
There can be many varibles such as, bank fees, title co fees, insurance coverage cost, date of the settlement, etc but to give you a rough ballpark figure you might use 6.75 to 7.75% of the sale price and one of the driving cost factors is the high transfer tax of 2% within the City of Phila.

Jim Brophy
Associate Broker
RE/MAX 2000
215-698-2063
0 votes Thank Flag Link Tue Feb 26, 2013
Title insurance is a % of the purchase price. You will need to talk to a mortgage loan officer to get preapproved. Every ones situation is different. Based on income, debt and credit score.
0 votes Thank Flag Link Tue Feb 26, 2013
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