what are the closing costs for a $330000 loan w/20% down at 4% interest?

Asked by Jorge, Miami, FL Sun Jul 29, 2012

This question is about this property: http://www.trulia.com/property/3028227306-14520-SW-74th-St-M…

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Pamela Mayers, Agent, Coral Gables, FL
Mon Jul 30, 2012
A rule of thumb is 3% but there are questions to ask. The insurance companies sometimes want a year paid up front plus 6 months in escrow. Ask that question when you shopping for insurance way before your closing date. Remember your title company has fees and so does the mortgage company. Even the real estate companies add on a closing fee. ASK
1 vote
Steven Epste…, Agent, Coral Gables, FL
Mon Jul 30, 2012
Assuming you're buying with that mortgage, this question you are to get answered by your lender ... they MUST give you a GFE (Good Faith Estimate) which cannot differ from the final HUD-1 Closing Statement by more that 1% to 2%. A good "rule of thumb" is Closing Costs, out of pockets & pre-paid expenses are between 4.5% - 5.5% of the purchase price. Trust this helps and take the higher number you'll be planning safe and pleasantly surprised when it is less but concerned to ask "why" if it should be more.
1 vote
Lila Henry, Agent, South Miami, FL
Mon Jul 30, 2012
Good Morning Jorge,

This is a very good question. If you are already working with a loan officer, he/she is the best person to give you a more accurate amount of what you can expect to pay for your closing costs. It will depend on the type of loan you are obtaining, whether there is an origination fee, you are buying down the interest rate, whether the seller is paying some of your fees. You will need to ask your loan answer for a Good Faith Estimate that will provide the detail of all the expense you can expect to have in your purchase. Good luck with your home search.

Lila Lopez
RE/MAX Advance Realty
1 vote
Alexandra Ga…, , Coral Gables, FL
Mon Jul 30, 2012
Hi Jorge,

closing costs usually run between 2-4% of purchase price. However, your lender may require pre paids (insurance & taxes paid up front and/or held in escrow) which could run up to about 7 or 8% of your purchase price. that said, if you are putting down 20% you wil llikely not have to deal with pre paids.
0 votes
Julio Martelo, Agent, miami, FL
Mon Jul 30, 2012
I can explain call me at 305-389-0917
Julio at Keyes Company

0 votes
Marco Torres, Agent, Miami, FL
Mon Jul 30, 2012
Hello George,
Closing cost is associated with the fees of of your lender, all fees related to the property and title, and government fees and taxes. It is very difficult to give an exact number because it depends on so many factors but as rule anywhere from 4% to 6 % of your purchasing price.
Your lender will give a good faith estimate on your closing cost.
Please feel free to call me for any questions.
Good luck hunting,

Marco Torres
Miami Premier Realty
Cell 305-903-3123
0 votes
Jeannette Ba…, Agent, Brooklyn, NY
Sun Jul 29, 2012
with a mortgage rate of 4% about $10,000 more or less....I hope my answer was helpful. Wish you the best! Jeannette Batsikas
0 votes
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