Closing cost ? 5 posts by 4 users

Posted: 08/15/2008 at 08:04PM

Hi i had a question about closing cost ? How do you determine the closing cost when you are calculating your maximum purchasing price.

Posted: 08/16/2008 at 08:29AM

If you are going through an agent or mortgage broker, they can give you an estimate.

There is no fixed cost because each loan is going to have different costs. There are points and origination fees to be paid, but not on every loan. When you do have to pay them, they will be different for each loan.

Appraisals must be paid, but not on every loan.

Some properties you will have to prorate property taxes. Some mortgages, you must pay the first month's payment at close of escrow.

Rents should be prorated and that affects how much cash you must bring to the table.

At least you can call the escrow company and find out what their standard fee is and what it will cost to record and deliver documents. Those fees should be close to the same for each purchase.

I've had closing costs vary all the way from $500 to $6,000. Each purchase is different.

Posted: 08/27/2008 at 10:31AM

Every county is different. In my county, seller pays for Escrow Charges, Title fees, and County Transfer Tax.