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Minimum down payment in brooklyn?
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Amarante




 
 
    
 

Post Thu, Oct 28 2021, 1:01 pm
nicole81 wrote:
What's making the closing costs so high? My closing costs, with the attorney's fee were only 9k iirc 10 years ago.


Closing costs are the expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction. Those costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, and credit report charges. In New York they include lawyer’s fees. No lawyers are used in California and many other states unless a transaction is very complex. New York City has a mansion tax for property over $1 million which is not that high for a house in many areas.

Closing costs are somewhat a reflection of the cost of the house as well as there being differences in different states

Closing costs typically range from 3–6% of the home’s purchase price.1 Thus, if you buy a $200,000 house, your closing costs could range from $6,000 to $12,000. Closing fees vary depending on your state, loan type, and mortgage lender, so it’s important to pay close attention to these fees.

Homebuyers in the U.S. pay, on average, $5,749 for closing costs (including taxes), according to a 2019 survey from ClosingCorp, a real estate closing cost data firm. The survey found the highest average closing costs in parts of the Northeast, including the District of Columbia ($25,800), Delaware ($13,273), New York ($12,847), Maryland ($11,876), and Pennsylvania ($10,076). Average closing costs in Washington State ($12,406) were also among the highest. The states with the lowest average closing costs included Indiana ($1,909), Montana ($2,063), South Dakota ($2,159), Iowa ($2,194), and Kentucky ($2,276).2
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nicole81




 
 
    
 

Post Thu, Oct 28 2021, 1:41 pm
Amarante wrote:
Closing costs are the expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction. Those costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, and credit report charges. In New York they include lawyer’s fees. No lawyers are used in California and many other states unless a transaction is very complex. New York City has a mansion tax for property over $1 million which is not that high for a house in many areas.

Closing costs are somewhat a reflection of the cost of the house as well as there being differences in different states

Closing costs typically range from 3–6% of the home’s purchase price.1 Thus, if you buy a $200,000 house, your closing costs could range from $6,000 to $12,000. Closing fees vary depending on your state, loan type, and mortgage lender, so it’s important to pay close attention to these fees.

Homebuyers in the U.S. pay, on average, $5,749 for closing costs (including taxes), according to a 2019 survey from ClosingCorp, a real estate closing cost data firm. The survey found the highest average closing costs in parts of the Northeast, including the District of Columbia ($25,800), Delaware ($13,273), New York ($12,847), Maryland ($11,876), and Pennsylvania ($10,076). Average closing costs in Washington State ($12,406) were also among the highest. The states with the lowest average closing costs included Indiana ($1,909), Montana ($2,063), South Dakota ($2,159), Iowa ($2,194), and Kentucky ($2,276).2


Right, I get that, and your figure is in line with what I said, given the COL increases. But a previous poster recommended someone should budget and additional $50k for "tremendous" NYC closing costs on a house well under one million. I'd like to know what exactly cost that much in NYC because the city fees, appraisal, title searches, etc are not that much. And neither is a real estate attorney, unless you feel you need a "top" name and are getting ripped off. And discount points are a choice that a buyer makes as part of their consideration of the larger mortgage picture, not a random exorbitant NYC closing cost.
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amother
Seablue


 

Post Thu, Oct 28 2021, 1:46 pm
amother [ Tuberose ] wrote:
I would say you need at least $100,000 available. I'm basing this on putting 10% down on an $800,000 house plus closing expenses. Your mortgage payments will be about $3500 a month.


I don't know what OP means by Brooklyn. But if she's talking about BP, 800k doesn't exist, so no way 100k will get her anywhere,

Cheapest houses here would be 1.2 and even that's hard to find.

She'll need a minimum of 240k for 20% down.
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