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Started By
Message
Realtor Question - Closing Costs
Posted on 8/8/18 at 12:38 pm
Posted on 8/8/18 at 12:38 pm
I'm getting some crazy different information on closing costs from a realtor/mortgage guy/recent home buyer.
Some are saying they are paying $15K out of pocket for closing costs (this is not including down payment) but I have a realtor and a mortgage guy that keep saying to expect to pay no more than $8K...they keep talking about credits and getting the seller to pay, etc...doesn't make a lot of sense and completely contradicts what I'm hearing from people who just went through the process.
So I'm taking it to the OT...anyone with experience in Dallas have a good barometer on what closing costs are for putting 3.5% to 5% down on a house or 5% down on a townhouse?
Some are saying they are paying $15K out of pocket for closing costs (this is not including down payment) but I have a realtor and a mortgage guy that keep saying to expect to pay no more than $8K...they keep talking about credits and getting the seller to pay, etc...doesn't make a lot of sense and completely contradicts what I'm hearing from people who just went through the process.
So I'm taking it to the OT...anyone with experience in Dallas have a good barometer on what closing costs are for putting 3.5% to 5% down on a house or 5% down on a townhouse?
14
Posted on 8/8/18 at 12:39 pm to MisslePig
They should give you a good faith estimate
Directly relates to the loan amount as well
Directly relates to the loan amount as well
This post was edited on 8/8/18 at 12:40 pm
Posted on 8/8/18 at 12:39 pm to MisslePig
Made the seller pay them all on mine...
Posted on 8/8/18 at 12:39 pm to MisslePig
It depends on your deal.
Posted on 8/8/18 at 12:40 pm to MisslePig
quote:
3.5% down on a house
lol, just lol
Posted on 8/8/18 at 12:43 pm to MisslePig
quote:
anyone with experience in Dallas have a good barometer on what closing costs are for putting 3.5% to 5% down on a house
I have experience with putting 20% down on a house in BR.
Posted on 8/8/18 at 12:44 pm to MisslePig
I just bought a house 3 months ago and like one guy stated, it depends on the deal you or your realtor can work out with the seller.
In my case, we split closing costs 50/50.
sometimes if you have a seller by the balls (aka they need to sell fast or have no other interest in the property), you can get them to pay all the costs.
If the seller has the upper hand (aka multiple offers) they can make you pay all the closing costs.
In my case, we split closing costs 50/50.
sometimes if you have a seller by the balls (aka they need to sell fast or have no other interest in the property), you can get them to pay all the costs.
If the seller has the upper hand (aka multiple offers) they can make you pay all the closing costs.
Posted on 8/8/18 at 12:45 pm to MisslePig
Depends on your homeowners insurance rate, mortgage insurance (which you’ll have with that little down), whether there’s a loan origination fee, whether you’re buying down interest rate, etc. There are a ton of variables. You can get a good faith estimate that will break everything down so you can compare.
Posted on 8/8/18 at 12:53 pm to MisslePig
Depends on your type of loan and what you get out of the seller.
The total closing costs the last few times I bought in the BR area were around $11K with the seller paying $5K give or take.
That $11K was due to a combination of title, mortgage insurance premium (MIP), points on the loan, inspection, credit report, appraisal, etc.
I would think that the title stuff ($2k or so) won’t vary much.
The MIP and points on the loan can vary wildly depending on the value of the property and whether you either take a discount at closing for increasing your interest rate or if you pay up at closing to get a lower interest rate.
Main thing I would say is to ask for $5k in closing costs, as that appears to be standard at least in Louisiana.
The total closing costs the last few times I bought in the BR area were around $11K with the seller paying $5K give or take.
That $11K was due to a combination of title, mortgage insurance premium (MIP), points on the loan, inspection, credit report, appraisal, etc.
I would think that the title stuff ($2k or so) won’t vary much.
The MIP and points on the loan can vary wildly depending on the value of the property and whether you either take a discount at closing for increasing your interest rate or if you pay up at closing to get a lower interest rate.
Main thing I would say is to ask for $5k in closing costs, as that appears to be standard at least in Louisiana.
Posted on 8/8/18 at 1:07 pm to gazelles
quote:
lol, just lol
Where’s the joke?
Posted on 8/8/18 at 1:21 pm to MisslePig
The seller can contribute funds towards your closing costs. This is part of the negotiation. The costs of the transaction (lenders fees, title fess, title insurance, etc...) will be the same regardless, it's just how it's structured that will affect how much you have to come out of pocket. Different loan programs have different restrictions on the % that the seller can contribute and it's usually based on how much you're putting down.
Posted on 8/8/18 at 1:22 pm to MisslePig
Realtors and mortgage brokers hide costs and lie about costs constantly up until closing. If they aren’t providing good estimates, fire them and hire someone who will
Edit: all the realtors and mortgage brokers should get off TD and back to making up prices
Edit: all the realtors and mortgage brokers should get off TD and back to making up prices
This post was edited on 8/8/18 at 1:42 pm
Posted on 8/8/18 at 1:32 pm to Upperdecker
Closing costs are about 3%-4% of the loan value. They are paid by the buyer unless you negotiated the seller paying for some/all of them in the purchase agreement.
Posted on 8/8/18 at 1:33 pm to MisslePig
Mortgage Lender here.
Besides downpayment, you will have closing costs and pre paid expenses. Attorney, lender,appraisal fees and such are closing costs. These will vary between lenders and providers. Pre paid items are the expenses for taxes, insurance, and setting up escrow account.
Besides these, it is also common to have the seller pay a chunk of these expenses.
Besides downpayment, you will have closing costs and pre paid expenses. Attorney, lender,appraisal fees and such are closing costs. These will vary between lenders and providers. Pre paid items are the expenses for taxes, insurance, and setting up escrow account.
Besides these, it is also common to have the seller pay a chunk of these expenses.
Posted on 8/8/18 at 1:33 pm to Upperdecker
quote:
mortgage brokers hide costs and lie about costs constantly up until closing. If they aren’t providing good estimates, fire them and hire someone who will
I don't think you have bought a house in the last few years. Now you get notified of the exact costs days before closing.
Posted on 8/8/18 at 1:40 pm to TigerDeacon
quote:
don't think you have bought a house in the last few years. Now you get notified of the exact costs days before closing.
A few days yes. But if you want to compare pricing with different brokers? Good luck
Posted on 8/8/18 at 1:42 pm to GrammarKnotsi
quote:
Made the seller pay them all on mine...
Ya, that's not happening in Dallas market.
Posted on 8/8/18 at 1:44 pm to nobigdeal69
quote:
Ya, that's not happening in Dallas market.
Not true. The market is cooling off and becoming a buyers market again.
In fact home price increases are less than double digits for the first time in 6 years.
North Texas Real Estate Cooling Off
The Median House Price is now 359k (frick)
quote:
Normal North Texas market conditions could bring more traditional annual value increases of around 3 percent, less than recent years where value has increased approximately 10 percent in some area.
This post was edited on 8/8/18 at 1:47 pm
Posted on 8/8/18 at 2:07 pm to MisslePig
Could vary pretty widely depending on a lot of things, like your prepaids for property tax, homeowners and flood insurance, upfront PMI, loan origination fees. All of those things can be very different from one house to the next depending on location, home size and value, and the loan amount.
Some lenders will offer credit towards closing costs, but at the expense of a little higher interest rate on the loan.
Depends on your purchase contract and whether or not you negotiated seller paying part of your closing costs.
quote:
they keep talking about credits
Some lenders will offer credit towards closing costs, but at the expense of a little higher interest rate on the loan.
quote:
and getting the seller to pay
Depends on your purchase contract and whether or not you negotiated seller paying part of your closing costs.
Posted on 8/8/18 at 2:09 pm to MisslePig
make the seller pay that shite......they are most probably profiting like a MFer on whatever they are selling you.
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