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September 15, 2008 at 4:18 PM #270867September 15, 2008 at 5:30 PM #270894bobbyParticipant
I too live the Bay Area (peninsula). Housing price here barely budged – decreasing maybe 5%. People still ask for the sky when they sell their houses. Maybe this 15% requirement will put a damper on the asking price.
September 15, 2008 at 5:30 PM #270960bobbyParticipantI too live the Bay Area (peninsula). Housing price here barely budged – decreasing maybe 5%. People still ask for the sky when they sell their houses. Maybe this 15% requirement will put a damper on the asking price.
September 15, 2008 at 5:30 PM #270933bobbyParticipantI too live the Bay Area (peninsula). Housing price here barely budged – decreasing maybe 5%. People still ask for the sky when they sell their houses. Maybe this 15% requirement will put a damper on the asking price.
September 15, 2008 at 5:30 PM #270882bobbyParticipantI too live the Bay Area (peninsula). Housing price here barely budged – decreasing maybe 5%. People still ask for the sky when they sell their houses. Maybe this 15% requirement will put a damper on the asking price.
September 15, 2008 at 5:30 PM #270646bobbyParticipantI too live the Bay Area (peninsula). Housing price here barely budged – decreasing maybe 5%. People still ask for the sky when they sell their houses. Maybe this 15% requirement will put a damper on the asking price.
September 15, 2008 at 8:44 PM #270715SD RealtorParticipantHi Waiting…
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.
Hope this helped.
September 15, 2008 at 8:44 PM #270951SD RealtorParticipantHi Waiting…
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.
Hope this helped.
September 15, 2008 at 8:44 PM #270963SD RealtorParticipantHi Waiting…
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.
Hope this helped.
September 15, 2008 at 8:44 PM #271005SD RealtorParticipantHi Waiting…
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.
Hope this helped.
September 15, 2008 at 8:44 PM #271031SD RealtorParticipantHi Waiting…
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.
Hope this helped.
September 15, 2008 at 10:36 PM #271088AnonymousGuestI just closed on a home a couple of days ago. Was lucky enough to get the downpayment assistance program, seller payed 3% downpayment @15,000.00. Seller also payed the 11,000.00 closing costs and all fees associated with FHA loan. DPA program is over as of Oct.1. I only had to pay the inspecton and appraisal fees and about 500.00 for some bs escrow cost. My FICO is only about 660 with checkered credit history. Let’s say I’ve matured in the past few years:) The taxes and insurance you mentioned is about right.
September 15, 2008 at 10:36 PM #270771AnonymousGuestI just closed on a home a couple of days ago. Was lucky enough to get the downpayment assistance program, seller payed 3% downpayment @15,000.00. Seller also payed the 11,000.00 closing costs and all fees associated with FHA loan. DPA program is over as of Oct.1. I only had to pay the inspecton and appraisal fees and about 500.00 for some bs escrow cost. My FICO is only about 660 with checkered credit history. Let’s say I’ve matured in the past few years:) The taxes and insurance you mentioned is about right.
September 15, 2008 at 10:36 PM #271062AnonymousGuestI just closed on a home a couple of days ago. Was lucky enough to get the downpayment assistance program, seller payed 3% downpayment @15,000.00. Seller also payed the 11,000.00 closing costs and all fees associated with FHA loan. DPA program is over as of Oct.1. I only had to pay the inspecton and appraisal fees and about 500.00 for some bs escrow cost. My FICO is only about 660 with checkered credit history. Let’s say I’ve matured in the past few years:) The taxes and insurance you mentioned is about right.
September 15, 2008 at 10:36 PM #271023AnonymousGuestI just closed on a home a couple of days ago. Was lucky enough to get the downpayment assistance program, seller payed 3% downpayment @15,000.00. Seller also payed the 11,000.00 closing costs and all fees associated with FHA loan. DPA program is over as of Oct.1. I only had to pay the inspecton and appraisal fees and about 500.00 for some bs escrow cost. My FICO is only about 660 with checkered credit history. Let’s say I’ve matured in the past few years:) The taxes and insurance you mentioned is about right.
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