Use 1.5% of purchase price as a ball park amount

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What is the easiest way to find out how much closing cost on a house is going to be with in a ball park figure

It depends on where you are located, the price of the house, local tax rates, transfer tax, etc. I would call any title company and ask them first. Then call the lender and ask them for a "Good Faith Estimate." Personally, I use 2% as a ballpark figure, not knowing anything else about the property. Remember if that your loan closing costs are zero, there are still costs, you are just financing them, instead of paying them up front. The loan costs and fees are generally 1 1/2% + 1/2% for escrow/title company fees.

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I recently sold my house and need to come up with a lot of money (about $10,000) to pay my closing costs on my house as a seller. i lived in my house for over three years and have to relocate due to military duties. i had to sell my house fast since i will not be able to cover a house payment and live on base at the sametime since military housing is privatized and all of my basic allowance housing cash is going towards the privatized lender now. i basically took a huge investment loss and will not buy a house ever again in a very, very, very long time (until i retire probably). the buyers of my house basically got anything that they wanted along with cash. should i take out a personal loan or ask family members for help to cover the closing costs fees? any advice would be appreciated.

TALK WITH SOMEONE on base. The new bail out plan actually helps cover losses up to 95% for military people if they are relocated. The article was in the washington post in the past few days.

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The house was given to me for free. now i'm finished repairing it and am going to change the title. what can i expect to pay for closing costs? the state is p.a. no loans, sales price is $0.00.

The person giving you the home will need to file IRS Form 709 to report its fair market value when it was given to you. They will likely owe no tax, but it needs to be documented for unified lifetime credit. You will need to keep a record of the gift giver's original cost basis (what they paid for it including any improvements) becaused what "they" paid for it (NOT its gift value) will be your cost basis whenever you sell it.

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My 1st house closing is monday at 2:00 pm and i have to wire funds to a local bank. i do not have the full amount yet but will be told on monday morning. i have to go to the bank and wire the funds. is it normal to be on such a tight timeline? any advice to a nervous first time home buyer? anything i should ask at closing? my funds are in a checking account at my lender's institution. my wire instructions are to a different local bank.

Of course you have to have funds available the day of closing. How did you get to closing without having the verified funds to close in your account? You may get a big surprise after you close and they don't fund because they want to paper trail whatever funds these are that are, as of yet, not in an account anywhere. If your funds that you use at closing do not come out of a previously named, sourced and seasoned account, your loan will not fund. Period

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I am purchasing a home for 92000 and would like to get a ball park figure of how much the closing costs are going to be. is there anyway to calculate this? the seller will only pay 3% of closing and i'd like to know what my share will be. i am located in colorado. sounds like i'm going to have to wait to talk to the realtor. so far they haven't provided much information on this issue and i didn't agree to pay any closing costs. the agreement when placing a bid was the seller would cover costs and now thats changed. thanks.

You will pay the rest of the month's interest if you buy late in the month then not have a payment until more than 30 days later. Property taxes and insurance will be about a year's worth each. If you have points on your mortgage that will be the big cost. Other things like title insurance, appriasial, loan fee and misc small fees will be another thousand or so. The prepaid taxes and insurance might not be included in the 3% the sell pays. Your earnest money will be used to pay some of the cost. The mortgage company should give you an estimate of closing on a form they are required to give you. Look in your papers you might already have it.

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I am buying a house for 104,500 and i was wondering how much money im going to need at closing

It really depends on your lender. Some have no closing costs (but they tack them on to the cost of your house). Some do a percentage. Others are flat rate. Without knowing all the details, plan on about $2000.

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But plus that at the closing day i loan some money to this people for their down payment.,and they sing a second mortgage now they refuse to pay me and cant foreclosure because provably the first position mortgage is going to get everything and at the end there not going to anything for me what can i do this people are paying thier first mortgage on time but them dont want to payme.

they bamboozled you. They knew what they were doing and there is not much you are going to be able to do about it. live and learn

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I am selling my house and we are about to go under contract. we dont want to pay any but i have a feeling to sell we will have to pay something. just wondering.

If you are using a realtor tell them that you want an estimate from the title company or real estate attorney that will handle the closing. Not knowing what is customary in your area I would only be guessing and you don't need a guess. Make your realtor earn their commission!

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I am looking to purchase a home for $120,000. i have been approved for an fha loan and i am going to put a down payment of $4000. the only thing i am concerned about now is the closing cost. what is in a closing cost? do i have to pay that out of pocket with the down payment? the house i am purchasing is also a bank owned home...

You can pay that out of pocket, or you could request that the sellers pay it for you in terms of the purchase on your home when you negotiate the contract. I bought my first home at 19 and found a local program called Neighboorhood Gold which allowed for the sellers to pay my 3% down payment, then when we made an offer we put the terms in the offer that the down payment be paid through that program (along with the fee of nearly 600 to go along with that particular program) and the closing cost which was over estimated, so I walked out of my closing on the purchase of my new home with a $500 check ... 400 of overestimates on the contract and my 100 deposit made on the contract back. Since you are a buyer, it does not cost you a thing to go with a realtor, sellers pay the commissions for realtors. So I recommend that you find yourself a realtor and they can search for local programs for you and help guide you in the appropiate direction as far as establishing the contract when you put bids in on the property of your interest. Don't get frustrated though, it took a few days of negotiating to get what I wanted out of the contract. Although, with the housing market right now, it is definetly a buyers market and you may just get yourself a steal!!!! Many people are selling for below market on their properties to attempt to just get out of the mortgage. Many sellers may be a little more flexible with the contract and terms that your request at this point in time as well. Good luck to you!

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I thought i was going to have to pay a $2200 transfer stamp fee, but im probably not. im going to lose the balance of my closing cost assistance if i dont spend it on something.... could i include my home owners insurance or home warranty on my hud form? any other suggestions would be appreciated

That will depend on what is allowed by the investor guidelines. Most allow seller credits to be applied only to non-recurring closing costs. Your loan officer is your best source of information on the investor requirements. One tip, if there are insufficient non-recurring costs to use all of the seller credit use the balance of it to pay the discount points necessary to buy the interest rate down. Those are allowed and considered non-recurring costs.