FIGURING OUT HOW MUCH CLOSING COSTS YOU WILL NEED AT SETTLEMENT

Dated: 01/24/2015

Views: 556

*Please take note, these numbers are estimate. Talk to your lender for a more specific amount.*


Primary Residential Mortgage Fees            $1,100

Appraisal Fee                                                   $ 450

Realtor Admin Fee                                            $395

Title Company/ Atty Charges                        $ 1,100

Title Insurance  --- lenders                                0.28% of loan amount

                            --- Owners                                0.20% of purchase price

State and City Fees --- Transfer Tax                0.75% of purchase price (buyer and seller split the 1.5%)

                                    ----Recordation Tax        0.50% of purchase price (buyer and seller split the 1%)

                                    ----State Tax                    0.25% of purchase price (buyer and seller split the 0.50%)


ESCROW/Reserves ---- Property Taxes            9-10 months

                                -----Home Owners Insurance 14 months

Down Payment                                                    0% for VA loans, 3.5% for FHA loans, 3-5% for Conventional Loans


Add these all up, and you will get an estimate of how much closing costs you will need at settlement. 

Remember to talk to your lender about different programs, loans and grants that may help you lower the money you will need at closing. 

***FIRST TIME HOME BUYERS ARE EXCEMPT FROM STATE TAX**** RATE VARIES PER COUNTY***

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Florida Rodriguez

We just purchased our first home today and I cannot thank Florida enough for all her help. She is very professional and very thorough in assisting us since day 1. She always make herself available and....

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