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What is a realistic home buying closing cost estimate?

I want to be prepared.

asked by Rex (4)

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Tags:  money  real estate  what is

answers

A closing cost fee usually includes an origination fee for the lender, discount points, homeowner insurance fees, title fees, escrow reserves, PMI fees, to name just a few. Some of these items are contingent upon how you are financing your home (i. e are you paying discount points, etc). So the fees can range from the hundreds to the thousands.

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posted by Conjurer (52)
7 votes

Closing costs vary a great deal by state and locality. Ask a local realtor or a local bank what the typical closing costs are in your area and what's included. For example, Florida has very high closing costs of about 3% of the price of the home.

7 votes

There is no set price for a home closing cost. Some sellers will pay some or all of the closing costs as a part of the homes selling price. Sometimes the buyer will get a really good deal on the home and have to pay the full closing cost. So really it depends on if you got a good deal.

6 votes

I have done several real estate transactions and usually you are looking at about 3% of the purchase amount in closing costs. Title company, county stamps, attorney and upfront escrow costs. When you buy a house you can negotiate with the seller to help pay for these costs.

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posted by kenvde85 (31)
4 votes

After applying for a loan, you should receive a "Good Faith Estimate" of these charges. Typically, it is 3 to 5 percent of the selling price. So if house is $100,000, prepare for 3,000 to 5,000 dollars. Try asking the seller to pay for your closing costs.

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posted by msreed (13)
4 votes

It is generally three to eight percent of the price of the house. It depends on the time of the year depending on the split of the property taxes.

4 votes

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