Posted on: 16th Jan, 2010 08:32 pm
I am buying a house for around $90k in Rochester. The taxes are about $2500 a year. I am paying cash. What should I estimate for closing costs?
Each mortgage company is going to be different - that's why you need to shop around. There isn't a "typical" or "normal" set of fees.
Shop 6 or 12 lenders, put their Good Faith Estimates side-by-side. And remember, you're not just shopping fees, you're shopping for a Loan Officer you're going to feel comfortable with and who will guide you through the whole loan process with the goal of making it as painless as possible for you.
Also, do your shopping within a 14 day period because you're going to receive an "inquiry" ding from the Credit Bureau's, which will result in a reduction of your FICO scores. You'll only receive one inquiry ding if all the Loan Officer's access your Credit Reports during that two week window.
Shop 6 or 12 lenders, put their Good Faith Estimates side-by-side. And remember, you're not just shopping fees, you're shopping for a Loan Officer you're going to feel comfortable with and who will guide you through the whole loan process with the goal of making it as painless as possible for you.
Also, do your shopping within a 14 day period because you're going to receive an "inquiry" ding from the Credit Bureau's, which will result in a reduction of your FICO scores. You'll only receive one inquiry ding if all the Loan Officer's access your Credit Reports during that two week window.
Raymond, this person is paying cash. No lenders involved.
Opps - sorry. Then the only part about what I said applies to shopping the Lenders and comparing their Good Faith Estimates.