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 - Sat Nov 7 2009, 05:51