Wednesday, June 15, 2011

Is there a way to calculate closing costs for a home I'm interested in buying?

The short answer is yes.

The long answer is that there is the cost of buying the home, and then the cost of obtaining the mortgage to buy the home.

Here are some of the things you can expect to pay for when buying a home:

Inspection
Appraisal
Loan Fees & Bank Charges
Pre Paid Interest, Taxes & Insurance
Taxes on the Note, (if you are getting a new mortgage as opposed to paying cash)
Title Insurance (sometimes a seller's charge, depending on the type of sale and county of property)
Settlement Fee (paid to the title company, not including title insurance premium)
Application Fee (Usually paid when buying a condo)
Recording Fees (for public record)
Courier, Fax, Copy, Doc Scan

A great way to get an idea of what the actual costs of these items are, is to ask your loan officer for a Good Faith Estimate.

Be sure to confirm any third party fees, like title insurance and inspection with those outside vendors.

READ ALL ANSWERS HERE:
http://www.zillow.com/advice-thread/Is-there-a-way-to-calculate-closing-costs-for-a-home-I%27m-interested-in-buying/403522/

Thanks for Reading!

Aaron