Which area do you want to live in, which area is more likely to appreciate and be easier to rent or sell once you are ready to move on? What amenities do you want to be close to?
Other than that the location should have no bearing on closing costs.
Kelvin B. Waits
VP of Mortgage Lending
Closing costs would vary by the two locations primarily because of property taxes and for transfer taxes. Lender fees, attorney and title fees, etc., shouldn't really vary because of the location in this case.
If you have other questions please feel free to contact me, I'd be happy to help.
Have a good evening,
NMLS # 574681
1st Advantage Mortgage
We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
However, if the property is a foreclosure owned by Fannie Mae or Freddie Mac, these two entities are exempt from paying transfer taxes regardless of state, county, or municipality. In this case, the buyer is responsible for all transfer taxes paid at closing (state, county and city).
As a first-time buyer, please check out my profile and read about my specialties. I am recognized by the Illinois Housing Development Authority (IHDA) as the #1 Originator in Illinois of 1st Time Buyer special financing programs. There are a number of unique things I can do that are unique to the marketplace when purchasing a condo.
Jason Accola | Senior Mortgage Consultant
NMLS#: 755894 | Wintrust Mortgage
40 W. Hubbard St, 2nd Floor, Chicago, IL 60654
(312) 462-7732 Office | (312) 316-3000 Mobile