How much are closing costs on a home $330000, are there programs to help with costs?

Asked by Kathymposada, San Leandro, CA Sun Mar 18, 2012

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Taj Weldon, Agent, Tracy, CA
Sun Mar 18, 2012
Closing Costs vary for many reasons.
1)Amount of Taxes, assesments and Mello Roos
2)Title company fees etc.
3) Lender fees

In the Mountain House area, I have found closing costs to be approximately 3 percent of the purchase price. On a home valued at 330k 3 percent is equal to 9900.00 dollars.

The two best ways to cover closing costs are to ask your Realtor to write the closing costs into the contract.Writing them into the purchase contract is requesting a seller credit from the seller.Essentially the seller covers your closing costs.

The next way is to be upfront with your loan officer or lender.Make sure they put you into a loan program that allows the closing costs to be financed into the loan.

In Mountain House USDA is an excellent loan option.


Please feel free to call me if you have any more questions , or if you need assistance with writing an offer with closing costs covered by the seller.
Good Luck!

Taj Weldon
DRE 01816152
209-740-4176
tywelldone@gmail.com
Imara Mortgage and Realty- Serving Mountain House and Tracy
1 vote
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Mon Mar 19, 2012
If you are a first time homebuyer, there are programs that will help you with down payment/closing costs.
If there is room in the purchase price, you can ask the seller to credit you for closing costs. The challenge there would be the home appraising for the purchase price (that is if you inflated the asking price for the credits).

In this time of very low interest rates, you could ask your mortgage banker to increase your interest rate and utilize the rebate (which belongs to YOU because you choose to increae your interest rate). This is a totally acceptable way to finance your closing costs.

You are welcome to repost any questions for more detail or email me direct and I can explain to you how that works!
0 votes
Rocky G.H. H…, Agent, Ripon, CA
Mon Mar 19, 2012
The best thing to do is to check with your lender. Lender loan origination and other lender fees are the majority of the cost. Escrow, title insurance, county transfer tax will be around $2,000. While lenders are obligated to provide a "Good Faith Estimate" once you have an accepted offer, many lenders will provide a closing cost estimate in advance of a Good Faith

Best regards,

Rocky

Rocky G.H. Hawrysz | Prudential California Realty
(209) 444-6610 – Direct | Rocky@PruCalifornia.com | http://www.TeamHawrysz.com | License No. 01468373
0 votes
Michelle Car…, Agent, Coppertino, AL
Sun Mar 18, 2012
Are you already in contract or just looking at a home?

Ask your buyer agent or the listing agent for this, as well as your lender, too.

A general rule of thumb for buyers is to estimate ~1-1.5% of the listing price, assuming no major expenses (such as pest control, roof, foundation, plumbing) or outstanding liens (mechanic's liens, HOA, etc.)

If you haven't negotiated your contract yet, you can ask seller to cover or help with closing costs as long as you've verified this is OK with your lender.
0 votes
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