Closing costs | Imamother

amother

Wed, Aug 06 2014, 3:19 pm

Iyh closing on a house soon, and very unsure of what is the typical closing costs and etc.

House is around 500K. Is 20K average closing costs? Is the title costs included in the good faith estimate?

My mortgage broker doesn't explain anything, and yells.. so I would rather ask someone here who is familiar with the process.

And no, I can't switch brokers at this point. Its been a long haul and I am almost ready to throw in the towel.

Thanks

loveit

Wed, Aug 06 2014, 3:48 pm

what are you inlcuding in that 20,000 amount? you would be providing the down payment, lender fees, title fees, any interest points, insurances/taxes that need to be paid up front or reserves, etc. All this info should be listed on your fee sheet.

I think legally, closing costs cannot exceed 3% of the home price - but htis isn't going to include your down payment/insurance premiums or reserves.

I'm sorry you have such an awful broker and iyH next time you will find a much better person to work with!

OneSource

Wed, Aug 06 2014, 4:20 pm

My recommendation is that you use this link:
http://www.madisontitle.com/ge.....abID=

If you input your general information (home purchase type, price and mortgage amount) it runs typical closing cost scenarios for you.

Good luck!

amother

Wed, Aug 06 2014, 5:53 pm

Closing costs in ny are usually about 20k. I work in a mortgage office.
where r u located?

scrltfr

Wed, Aug 06 2014, 6:25 pm

Why don't you ask your attorney?

33055

Wed, Aug 06 2014, 6:57 pm

amother wrote:

The title costs should be on the Good Faith Estimate and it is clearly labeled. Why don't you look at the Good Faith Estimate? It could your broker is frustrated with you.

amother

Wed, Aug 06 2014, 7:59 pm

The broker is most definitely frustrated with me. Every step along the way was met with problems, mostly not my fault but just issues with the house, appraisal,my employer, etc etc. Nothing went simple, and I understand him being frustrated. We all are.

But he is yelling at me about questions and I would rather not ask him. My attorney is also not really available to ask. I am the one who is taking care of all of these things and I just feel uninformed, when normally I am pretty well informed about most processes. We are first time home-buyers and online research doesn't do justice to actual experience.

I did read the good faith estimate, obviously, but I read somewhere else that the title fee on the estimate does not truthfully include the title.

No, not including the down payment. The down payment is 10% of the purchase price.

I appreciate everyone who had kind responses.

amother

Wed, Aug 06 2014, 8:25 pm

We put down 20% on our house, which we purchased for $440,000. Closing was 10k, which we rolled into the mortgage, so we have a mortgage on 450,000.

amother

Wed, Aug 06 2014, 8:31 pm

That seems very low. I wish. We are purchasing for 500K, paying 20% as well. I wrote 10% by mistake.

The good faith estimate says 20K. I wanted to roll our closing costs into the mortgage, but the broker said it wasn't possible.

Oh well. I just hope that this is finally the end.

momesq

Wed, Aug 06 2014, 9:07 pm

In NY there mortgage tax of apprx 2% of your mortgage. Don't forget to add that to your closing costs.

scrltfr

Wed, Aug 06 2014, 10:28 pm

You can call the title company directly and at least get their bill. This will include transfer and mortgage tax.

momesq

Wed, Aug 06 2014, 10:30 pm

No transfer tax if your buying. Just mortg tax.

Levtov

Wed, Aug 06 2014, 10:32 pm

From experience, it is between 20k and 30k. When you get to the actual closing, they start to tell you to make tons of checks for this and that....estimates and reality do not match....be prepared!!!

Levtov

Wed, Aug 06 2014, 10:33 pm

...and some times the seller stipulates that buyer has to pay transfer tax

scrltfr

Wed, Aug 06 2014, 10:34 pm

momesq wrote:

No transfer tax if your buying. Just mortg tax.

Might be new construction, we dont know what is in her contract. And she still has recording fees........

33055

Wed, Aug 06 2014, 11:46 pm

amother wrote:

The good faith estimate should include a fair cost of the title. Perhaps they were referring to some unscrupulous brokers only including part of the title costs. There are title costs the buyer must pay to insure title for the bank plus there is title costs for the owner and there is an optional market value rider which adds 10% to the cost.

One poster had a good suggestion of checking title costs on Madison's site. At this point, the buyer is usually not in contact with the title company.

I don't know of any law capping closing costs.

The mortgage tax changes by county in NY and typically the bank picks up a percent of the cost. So if your mortgage tax is 1% the buyer pays a 3/4 and the bank pays 1/4. The mortgage tax is not 2% in NYS in any county.

It is too hard to figure out closing costs based on what you say because I don't know how the bank is going to handle escrow, how much your taxes are, what county you are in for title costs and mortgage tax, etc.

Call your attorney's office. They usually have someone who handles the closing for the attorney. You are not the first first time buyer.