what can i expect closing cost to be on $420,000 home?

Asked by Jessica, Philadelphia County, PA Wed Feb 9, 2011

in PA

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5
Michael Blum, Agent, Blue Bell, PA
Wed Nov 12, 2014
Their are multiple variables involved in this:
amount put down
date of settlement
mortgage rate
HOA or not
and many more.

I would be more than happy to help you out, but would definitely want you to have a non committal conversation with a mortgage professional.
0 votes
Fran Rokicki, Agent, BOLTON, CT
Sun Feb 27, 2011
Jessica, Call your attorney's office. The paralegal will be the person who prepares the papers for your closing. That's the person who can give you the best estimate. When you take your mortgage application, the banker that you hire, will offer you a print out of the bank's estimate of your closing costs. Always ask questions, so that, when you are at the closing table, you will be excited and not anxious.

Once you find a home, these numbers will be more accurate. Usually, the afternoon before or the morning of, she or he, will have a figure for your closing costs.
0 votes
Phong Lam, Agent, Philadelphia, PA
Sun Feb 27, 2011
Hi Jessica,

How are you? Thank you for your inquiry. Just like the other 2 agents have stated, it all depends on many different factors. If you have a buyer's agent working with you, he/she should be able to run a Buyer's Estimated Closing Cost report for you through TREND on a property that you're interested in buying at. This way, you'll get an idea of how much your closing costs is going to be.

If you are not working with anyone at the moment, please feel free to email or call me at (267) 918-1880 and I'll be more than happy to answer any questions that you may have.

Thank you for your time and good luck with your home search process! Have a nice weekend!

Hope that helps!

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Best Regards,
Phong Lam, CSM
REALTOR®
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
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0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Feb 9, 2011
Closing costs vary, and if a mortgage is involved ask your loan officer for a good faith estimate....
0 votes
Erica Ramus,…, Agent, Pottsville, PA
Wed Feb 9, 2011
First, your lender should provide you with a "Good Faith Estimate" of closing costs. Also, your real estate agent should ALSO talk to your lender and work up a buyer's estimate of closing costs sheet.

The simple answer is that there is no rule of thumb. It depends on what type of loan you get, who the lender is, how much you put down, will you pay points or not, etc. Taxes, transfer tax, title insurance, etc are all things that you should know before you make an offer on any property.

Start by talking to your lender when you identify a property, and have him get together with your agent to give you the closest possible estimation of what you need to close.
0 votes
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