Approximate Closing Costs
 

We are close to coming back to buy our house in TV. For planning purposes I would like to know what the approximate closing costs would be on a 300000-325000 home. I anticipate having a loan of 100000 or so. As always thank you for your time and advice.

That would depend on what. Bank you are using, points, taxes, their closing costs. I found citizens closing cost more. It would be easier to speak to a bank and get an idea. We used our bank at home for our first bank

If you go to Official Records Fees - Official Records - Sumter County Clerk of the Courts, all state and count documentary stamp taxes and intangible tax are provided. Presumably the bank will require a current survey and termite inspection. Real estate taxes are paid in arrears in Florida. The rest, as stated previously, is up to the lender.

My apologies asiantbree, I replied to your post instead of the OP.

Your real estate agent, lender, or closing agency will provide you with that information depending on your circumstances.

I bought a house for $186,000 with a loan of about $100,000 and my closing costs were over $8,000. I was very surprised as the last time I closed on a house (and I admit it was a while back) the closing costs were about $3,000.

if your paying cash.....the closing cost are minimal...prepays...taxes...insurance..surveys.... doc fees...state tax...but if you choose to finance...then you have to also add..points, lender fees, appraisal..inspections...ect...ect...

go on the computer and download a HUD statement. then you will get a list of all the costs. You don't get your official HUD statement from your closing agent till the day before the closing....

I would take your basic info to a few banks, and get the rough numbers. NOTE: bring you credit score with you, and make sure that they are giving you typical or estimated costs. The other way would be to go online to one of the major bank loan sites (quicken loans, Lending Tree, etc.). Leading Tree will send you lots of email for 3 months or more. Now a word of caution, if you use an out of the area bank that is not familiar with 'the way they do things here', you may have an extended wait for closing. We used Citizens First, around 3 years ago, rates were very good, without looking up the paperwork I do not recall the closing costs.

We just closed about 2 weeks ago. Plan for about 7 to 9 thousand. The "title companies" you will have to use add on quite a bit for administration, title insurance, etc. It's a racket but one you must play if you choose to finance.

Fortunately FL law caps the maximum amount. They had to refund a little bit to us because they exceeded the maximum.

One thing to keep in mind is if you are buying a new home and plan on using a bank outside this area, they must be very quick to process/approve the loan and be ready to close. Unless they have changed the sales contract in the past couple of years, you must be ready to close 30 days after you sign the contract on a new home. I would strongly suggest getting pre-approved (not pre-qualified) for a mortgage prior to looking for a new home.

With the new lending regulations that went into effect October 2015, there is no longer a HUD at closing. Borrowers must receive a Loan Estimate (3 page document) of fees within 3 business days of application and get a Closing Disclosure (5 page document) 3 days prior to closing.

It's a racket alright. It's a damn shame is what it is. Why do people use a lawyer to do a closing in NJ and in Florida no lawyer is needed? OK grasshopper let's see the answers you have for this dilemma. I am comfortable being represented when that much loot is changing hands. :popcorn::popcorn: If there is a good reason for no lawyer I will be grateful to change my lifelong strategy....more money to spend at the new Walmart....Shoot!

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That is good information. I'm assuming that was just their cost. Not including appraisal, survey, registration fees to the state and county, mailbox, title insurance (if any), etc?

I used McLin & Burnsed on a new home with a mortgage. Title insurance is optional in Florida. I declined.
Citizens First for mortgage, paid 1/2 point.
One year ago.

You are correct...and I was talking about a completely different situation.

Closing costs vary for many reasons.