What are typical closing costs on a home purhcase?

[BelleMcNally]

My fiance and I are buying our first home ! We've found the house we want, gotten pre-approved and put in a bid on it; we're happy with the rates we've been quoted from the lender that did our pre-approval, but the closing costs seem quite high. I've done some research, but I'm not finding any kind of list of typical closing costs.

If anyone has any experience with this, we'd love to hear your input!

 

[icebrat001]

We are in the same position as you. Closing cost are not cheap, unless of course the seller offers to pay a portion or you get some kind of kickback.

Our realtor told us to expect to pay around $10,000 or so.

 

[chicagodisneyfan]

Are you buying in the City of Chicago? If so, they have a tax that can easily add several thousand to the closing costs.

My Chicago tax at closing will run about $4,000 - $5,000

 

[EthansMom]

When we purchased our first home in Maryland, we were shocked at the price of the closing costs. In addition to all of your usual closing costs, the state of Maryland has several taxes on home purchases.

Your lender, real estate agent, and/or lawyer should be able to explain all of your closing costs to you.

 

[sweet angel]

You should have received a Good Faith Estimate of fees from your mortgage company.

Typically, in NJ:
survey
title insurance
attorney's fee
all fees associated with mortgage (points, appraisal, credit report, etc.)
portion of tax, water, sewer
private mortgage insurance (if needed)
escrows for hazard insurance and taxes
recording fees to have the Deed and Mortgage recorded
termite inspection


I'm trying to think off the top of my head -- I'm drawing blanks though. We have a list at work -- I'll try check it tomorrow for you.

You may be able to google for your state's HUD-1 Settlement Statement and figure from there.

 

[redshoes]

We are closing on a house in April (if the third time is the charm with our builder's guess about when the house will be done) and we are looking at anywhere from $4000-$5000 in closing costs. We have gotten three good faith estimates and that seems to be the going rate. Congrats about your new home.
Kate

 

[BelleMcNally]

Ok, good--it seems like our costs are actually UNDER what they possibly could be. At first glance, it was something of sticker shock, I guess!
re going to be paying about 3,000--i didn't think twice about looking elsewhere until I saw an ad that listed closing costs at $555!!

I figured there must be some kind of catch involved, and judging from the amounts you all have paid, it looks like that's the truth.

 

[jenks0718]

There is usually a settlement fee as well for the actual settlement
There could be pre payment of property taxes and home owners insurance as well
I tell my clients to estimate at 6% of the cost of the home and it is usually on target