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-   -   Mortgage Question (http://forum.e46fanatics.com/showthread.php?t=971111)

oie77 02-14-2013 01:55 PM

Mortgage Question
 
Fanatics, I know there are some knowledgeable mortgage pros here. I know little on this topic. Heres my question:

What is the cost in terms of closing fees on an average mortgage (DC,VA)?

I just got pre-approved and the letter has close to $15K in "estimated funds needed to close", which include the est prepaid items (about $6,200) and est closing costs (about $9,500).

Like I said, I know little. Just want to make sure everything is in order...

Thanks in advance.

GRIFFIN 02-14-2013 01:56 PM

around 2-3 percent of the purchase price.

prepaid will be taxes, insurance, days of interest, etc.
closing costs will be title, escrow, transfer tax, notary, credit report, lender fees, etc.

oie77 02-14-2013 02:03 PM

That was fast. Thanks. That sounds about right then. Is there anyway around any of this?

GRIFFIN 02-14-2013 02:05 PM

Quote:

Originally Posted by oie77 (Post 15162777)
That was fast. Thanks. That sounds about right then. Is there anyway around any of this?


that what she said.

you can have your realtor ask for seller credits when you submit you offer to help pay for some of your closing costs and your loan offcer can credit money back to you depending on rate and loan type. Dependnng on loan type you can have as mush as 3-6 percent allowable credits toward closing costs.

oie77 02-14-2013 02:08 PM

Quote:

Originally Posted by GRIFFIN (Post 15162796)
that what she said.

you can have your realtor ask for seller credits when you submit you offer to help pay for some of your closing costs and your loan offcer can credit money back to you depending on rate and loan type. Dependnng on loan type you can have as mush as 3-6 percent allowable credits toward closing costs.

Ok, this is helpful, thanks again. Given that the market around here is totally booming, I dont know that I'll be able to any concessions from the seller, but it never hurts to try.

klangford 02-14-2013 02:10 PM

Are you a first time home buyer? i ask because there are SOOOOO many first time home buyer plans out there with ZERO out-of-pocket plans (unless your credit is an issue).

GRIFFIN 02-14-2013 02:11 PM

Quote:

Originally Posted by oie77 (Post 15162810)
Ok, this is helpful, thanks again. Given that the market around here is totally booming, I dont know that I'll be able to any concessions from the seller, but it never hurts to try.

you can have the seller pay ffor normally 3%. But it weakens your offer. A stronger offer is normally with you paying closing costs. You can always ask for them to be split between yo uand the seller. that is fair, but not always accepted.
Yeah the market is crazy right now. I have put out numberous cash offers and have been outbid.

oie77 02-14-2013 02:13 PM

Quote:

Originally Posted by klangford (Post 15162819)
Are you a first time home buyer? i ask because there are SOOOOO many first time home buyer plans out there with ZERO out-of-pocket plans (unless your credit is an issue).

Yes, first time buyer, but my wife is not so I'm not sure how that will work. I will look into any plans to see if we qualify.

217Bimmer 02-14-2013 02:13 PM

can we jump this thread to nws, mr griff?

GRIFFIN 02-14-2013 02:16 PM

Quote:

Originally Posted by oie77 (Post 15162833)
Yes, first time buyer, but my wife is not so I'm not sure how that will work. I will look into any plans to see if we qualify.

if you have not owned a home in 3 years you are considered a first time homebuyer.

GRIFFIN 02-14-2013 02:16 PM

Quote:

Originally Posted by 217Bimmer (Post 15162837)
can we jump this thread to nws, mr griff?

ask OP. I have t1ts ready to post.

GRIFFIN 02-14-2013 02:18 PM

Quote:

Originally Posted by klangford (Post 15162819)
Are you a first time home buyer? i ask because there are SOOOOO many first time home buyer plans out there with ZERO out-of-pocket plans (unless your credit is an issue).

tons of programs. normally limited to income,area, purchase price. most require a small amount of your own funds. .5% to 1% is normal.

klangford 02-14-2013 02:18 PM

This link is to cheap money:
http://www.arlingtonva.us/Department...omebuyers.aspx

This link is to free money to help with closing costs:
http://www.arlingtonva.us/department...infoMIPAP.aspx

This link is to a local (Arlington, VA) non-profit that has a class on March 2 to help first time buyers:
http://www.ahomeinc.org/classes.html

oie77 02-14-2013 02:25 PM

All very good info guys. I'll look into. Thanks! Home likely to be purchased in DC.

Griff, let the NWS rip...Azz is always welcome in these parts.

oie77 02-14-2013 02:29 PM

Quote:

Originally Posted by klangford (Post 15162862)
This link is to cheap money:
http://www.arlingtonva.us/Department...omebuyers.aspx

This link is to free money to help with closing costs:
http://www.arlingtonva.us/department...infoMIPAP.aspx

This link is to a local (Arlington, VA) non-profit that has a class on March 2 to help first time buyers:
http://www.ahomeinc.org/classes.html

Problem is a lot of these programs are capped at very low sale prices. I wish we could find something nice for under $500k but not much inventory around here in good areas at that point...

217Bimmer 02-14-2013 02:31 PM

Quote:

Originally Posted by oie77 (Post 15162900)
All very good info guys. I'll look into. Thanks! Home likely to be purchased in DC.

Griff, let the NWS rip...Azz is always welcome in these parts.

:lmao:

GRIFFIN 02-14-2013 02:33 PM

http://img542.imageshack.us/img542/9...6627685615.jpg
http://24.media.tumblr.com/e07e42423...j6emo1_500.gif
http://24.media.tumblr.com/58580f547...vd1ao1_500.gif
http://25.media.tumblr.com/tumblr_mc...oxp5o1_500.jpg
http://www.por nhub.com/view_video.php?viewkey=450307561

GRIFFIN 02-14-2013 02:35 PM

http://25.media.tumblr.com/41e132102...af1fo1_500.jpg
http://24.media.tumblr.com/c590b21a2...af1fo1_500.jpg

choxor 02-14-2013 02:40 PM

How good is the VA home loan compared to these other first-time buyer loans?

217Bimmer 02-14-2013 02:41 PM

Quote:

Originally Posted by choxor (Post 15163004)
How good is the VA home loan compared to these other first-time buyer loans?

boner kill :cry:


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