what are the escrow cost on just 85000 this is me and wifes first house.?

Asked by Shane Harris, Victorville, CA Sat Jul 10, 2010

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Scott Godzyk, Agent, Manchester, NH
Sun Jul 11, 2010
Shane there are several costs associated iwth buying , the first expense will be your deposit, this is usually $1000 on your purchase price howvever the listing agent and or seller could ask for a lower or higher amount, just ask teh listing agent what they are looking for. once your offer is accepted you may have to pay an application fee for your mortgage, it ususally covers your appraisal and credit report, most banks charge $350 or so.

As far as closing costs and down payment, your loan officer will let you kniow the down payment needed for your loan, it could be 3.5 to 5% of teh loan amount. As far as closing costs they average 3% of teh sale price, you can ask the seller to pay up to 3% on your offer as well. Your loan officer must provide you a good faith estimate of closing costs so you will know tru numbers

good luck with your purchase

Please see my blog


http://www.trulia.com/blog/scott_godzyk/2010/05/secrets_to_g…

FOR MORTGAGE TIPS AND SECRETS ON OBTAING A MORTGAGE.
Web Reference:  http://www.ScottSellsNH.com
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Bill Eckler, Agent, Venice, FL
Sun Jul 11, 2010
Shane,

Congratulations and good luck on the purchase of your first home.

An escrow account is a means by which a broker deposit money associated with a specific transaction in an account that is separate from their personal money.

When you have found a home that you wish to place an offer on, it is customary to place a deposit with your purchase offer. This is normally an unspecified amount that demonstrates to the seller that you are a serious buyer. Obviously, the larger the amount you put on the table the better your offer appear to the buyer.

In some cases, when a deposit is a lesser amount, the seller may counter and request that you provide additional money in order to be considered. In short, "escrow" is not a cost but an amount of money determined by both the buyer and seller that is acceptable as a deposit or evidence of "good faith."

Your real estate frofessional will be able to provide you with additional information.

Best wishes,

Bill
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