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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Sat Apr 16, 2005 3:26 pm Post subject: Closing Costs on a $200,000 Home |
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I found a site where they present what they feel is the average industry wide closing costs. In this case, I plugged in a $200,000 home. You see that the total amount is $5445 for the industry average, and they say they can close it for $2520. What do you say to this?
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GulfcoastFL
Joined: 28 Feb 2005
Posts: 1
Location: Clearwater, FLorida
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| Posted: Sun Apr 17, 2005 2:05 am Post subject: |
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| So.......What is the website? |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Sun Apr 17, 2005 4:28 pm Post subject: |
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FYI for my office we have a $400 processing fee. The title fees and appraisal fees are generally all that would add on.
It all depends though. In my market most people don't want to pay points so the rate may be a little higher. In other markets they prefer the lower rate, so they'll pay the points.
On average in my market a $200,000 home would have closing costs about $1500.
In GA or FL however you have an intangible tax that gets added on to the total cost of .3% This is just one example of how having a 'average' can be rather skewed depending on what state you are talking about. |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Sun Apr 17, 2005 4:31 pm Post subject: |
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Figured I'd break down what the cost of ours looks like in general (For Springfield, IL)
$350 - Appraisal / Credit report
$200 - Closing
$200 - Title insurance (Would be around 300-400ish I'd estimate for a $200k home)
$400 - Processing Fee
$50 - Recording
They have listed in there an attorney fee, which depends on your state. (We don't have that here in Illinois.) They have listed the interest for the day you close to the end of the month. That obviously depends entirely on when you close, but it's always good to figure it based on 30 days.
Hope that helps. |
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Professional Mortgage Man
Joined: 30 Jan 2005
Posts: 56
Location: Heartland USA
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| Posted: Mon Apr 18, 2005 2:36 am Post subject: points..egads |
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why pay points?
Ciao,
Proman 8) |
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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Mon Apr 18, 2005 3:22 am Post subject: |
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| I believe they were just using this to account for the "average" situation, which I understand to be 0.7 points. |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Mon Apr 18, 2005 3:33 am Post subject: |
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| In some situations points makes sense. |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Mon Apr 18, 2005 3:34 am Post subject: |
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And david, wtf are you doing reading a mortgage forum at 830 on a sunday?
What am I doing reading a mortgage forum at 1030 on a sunday...
think i'll go to bed now. |
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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Mon Apr 18, 2005 2:04 pm Post subject: |
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| Soon I will be a computer, and no longer human. :lol: |
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nikko3
Joined: 20 Jan 2005
Posts: 246
Location: acton, ca
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| Posted: Mon Apr 18, 2005 4:05 pm Post subject: |
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| Yeah right Dave- we all know that computers can't dance, and that you would never give that up. |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Mon Apr 18, 2005 4:44 pm Post subject: |
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| computers can most certainly dance! |
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nikko3
Joined: 20 Jan 2005
Posts: 246
Location: acton, ca
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| Posted: Mon Apr 18, 2005 4:48 pm Post subject: |
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| Haplo don't you have some games to play... |
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chow
Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
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| Posted: Mon Apr 18, 2005 5:43 pm Post subject: |
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Okay Kids, Quit bickering about who doesn't haven enough yard to keep you off of a computer on the weekends. (I'm limited to lunch hours now-thankyouverymuch)
That "Average" list is a joke.
First off, everyone who writes a loan makes money on the rate or the points. (Yes, even the banks-because I used to buy their loans too!)
The only way you would now an average-is to talk to a professional who does loans in your area. If you really want to take a big swallow-go to the east coast where they have enough "tax stamps" or recording fee's to choke a well heeled investor!
:roll: :roll: (But you know these Tax Stamp junk fee's were all made up by counties, for lawyers, who can do these things-because they are more honest than mortgage originator's) |
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Alex
Joined: 07 Mar 2005
Posts: 6
Location: Orange County, California
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| Posted: Fri Apr 29, 2005 12:16 am Post subject: Re: points..egads |
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Professional Mortgage Man wrote: why pay points?
Ciao,
Proman 8) yeah seriously, i work for free |
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Professional Mortgage Man
Joined: 30 Jan 2005
Posts: 56
Location: Heartland USA
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| Posted: Fri Apr 29, 2005 12:21 am Post subject: YSP is how you line your pockets....also! |
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Alex.....
Yield spread is also how you get paid.....
Now focus on this thread...we are talking about David getting a loan....why should he be gouged with points or origination fees?......I have never got my own mortgage with points or origination fees......ya putz! :roll:
I myself will charge points to a client....yeah baby!
Ciao,
Proman 8) |
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