Hopefully I can help you out… If our friend HLS was here his posting would be very useful.
Closing costs associated with the buyers side of the transaction vary wildly. Most of the variance is due to your financing charge(s)/options.
Lets take a look at some of the basics….First let’s not discuss financing..
Generally you will need to pay for your physical inspection, (350-500) depending on the quality of the lender, size of the home… Escrow is usually split 50/50 and tends to run about .4-.5% of the cost of the home. So assume .25% of the purchase price for your “half” of escrow. Your title insurance policy that you purchase for the lender will be around .1% of the purchase price. Additional costs will be hazard insurance (of course purchase your own here but I would advise to get it billed through escrow). Your prorated county property tax of course which will run from the closing date through the end of the current tax period you are in. Then of course a few little nicks and cuts, doc fees, notary fee etc…
Now financing… whew there are alot of different ways to go here. As you know if you choose to buy down your loan then you will pay points. The appraisal is generally a few hundred bucks, maybe 275 or 300… Then of course the fees from there will 100% vary on the loan. BofA, Wells, Credit Unions all have loan programs that vary in costs, where of course the lowest costs programs have a bit higher rate loans. It really varies here but the good news is this is something you can shop around and get quotes for. My advice would be to get a low rate and then try to get a credit back from the sellers or even your agent to cover some of the costs.
