Posted on: 15th Oct, 2009 10:20 am
Hey Cliff... I've been working with a mortgage broker and he's telling me i need roughly 12k in liquid assets to close on a house that im trying to buy for 131k and property taxes of $1353 in NY. His estimate seems relatively outrageous... How can I determine if this estimation is accurate?
Mike
It really all depends on what is included in that liquid asset estimate. For example, you may need the balance of your down payment. Tell me this, what is your rate and what is the APR?
It really all depends on what is included in that liquid asset estimate. For example, you may need the balance of your down payment. Tell me this, what is your rate and what is the APR?
New York state has a mortgage tax---other states do not have that. Not knowing your mortgage amount, that could add up to $2,300 to your closing costs.
Not counting the mortgage tax, closing costs should be about $7,500. With the mortgage tax should be about $9,800.
If you are paying points on the mortgage, that figure would be higher.
Not counting the mortgage tax, closing costs should be about $7,500. With the mortgage tax should be about $9,800.
If you are paying points on the mortgage, that figure would be higher.
