E46 BMW Social Directory E46 FAQ 3-Series Discussion Forums BMW Photo Gallery BMW 3-Series Technical Information E46 Fanatics - The Ultimate BMW Resource BMW Vendors General E46 Forum The Tire Rack's Tire Wheel Forum Forced Induction Forum The Off-Topic The E46 BMW Showroom For Sale, For Trade or Wanting to Buy

Welcome to the E46Fanatics forums. E46Fanatics is the premiere website for BMW 3 series owners around the world with interactive forums, a geographical enthusiast directory, photo galleries, and technical information for BMW enthusiasts.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   E46Fanatics > Everything Else > The Off-Topic > General Off-Topic

General Off-Topic
Everything not about BMWs. Posts must be "primetime" safe and in good taste. You must be logged in to see sub-forums.
Click here to browse all new posts.

Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 02-14-2013, 01:55 PM   #1
oie77
Registered User
 
Join Date: May 2005
Location: Distrito Federal
Posts: 86
My Ride: wamta
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.
oie77 is offline   Reply With Quote
Old 02-14-2013, 01:56 PM   #2
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw
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.
__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

Last edited by GRIFFIN; 02-14-2013 at 01:58 PM. Reason: Auto-save 1360871911
GRIFFIN is offline   Reply With Quote
Old 02-14-2013, 02:03 PM   #3
oie77
Registered User
 
Join Date: May 2005
Location: Distrito Federal
Posts: 86
My Ride: wamta
That was fast. Thanks. That sounds about right then. Is there anyway around any of this?
oie77 is offline   Reply With Quote
Old 02-14-2013, 02:05 PM   #4
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw
Quote:
Originally Posted by oie77 View Post
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.
__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

Last edited by GRIFFIN; 02-14-2013 at 02:06 PM. Reason: Auto-save 1360872378
GRIFFIN is offline   Reply With Quote
Old 02-14-2013, 02:08 PM   #5
oie77
Registered User
 
Join Date: May 2005
Location: Distrito Federal
Posts: 86
My Ride: wamta
Quote:
Originally Posted by GRIFFIN View Post
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.
oie77 is offline   Reply With Quote
Old 02-14-2013, 02:10 PM   #6
klangford
I got nothin'
 
Join Date: Feb 2003
Location: St. Augustine, FL
Posts: 326
My Ride: 07 Maserati QP
Send a message via AIM to klangford
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).
__________________
91 NSX - SOLD
99 328i - SOLD
2001 M3 - SOLD
2000 328i - Daughter's first BMW
2007 Maserati Quattroporte - my current ride
klangford is offline   Reply With Quote
Old 02-14-2013, 02:11 PM   #7
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw
Quote:
Originally Posted by oie77 View Post
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.
__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
GRIFFIN is offline   Reply With Quote
Old 02-14-2013, 02:13 PM   #8
oie77
Registered User
 
Join Date: May 2005
Location: Distrito Federal
Posts: 86
My Ride: wamta
Quote:
Originally Posted by klangford View Post
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.
oie77 is offline   Reply With Quote
Old 02-14-2013, 02:13 PM   #9
217Bimmer
Registered User
 
Join Date: May 2008
Location: IL
Posts: 146
My Ride: 2001 BMW 330i
can we jump this thread to nws, mr griff?
217Bimmer is offline   Reply With Quote
Old 02-14-2013, 02:16 PM   #10
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw
Quote:
Originally Posted by oie77 View Post
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.
__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

Last edited by GRIFFIN; 02-14-2013 at 02:17 PM. Reason: Auto-save 1360873041
GRIFFIN is offline   Reply With Quote
Old 02-14-2013, 02:16 PM   #11
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw
Quote:
Originally Posted by 217Bimmer View Post
can we jump this thread to nws, mr griff?
ask OP. I have t1ts ready to post.
__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
GRIFFIN is offline   Reply With Quote
Old 02-14-2013, 02:18 PM   #12
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw
Quote:
Originally Posted by klangford View Post
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.
__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
GRIFFIN is offline   Reply With Quote
Old 02-14-2013, 02:18 PM   #13
klangford
I got nothin'
 
Join Date: Feb 2003
Location: St. Augustine, FL
Posts: 326
My Ride: 07 Maserati QP
Send a message via AIM to klangford
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
__________________
91 NSX - SOLD
99 328i - SOLD
2001 M3 - SOLD
2000 328i - Daughter's first BMW
2007 Maserati Quattroporte - my current ride
klangford is offline   Reply With Quote
Old 02-14-2013, 02:25 PM   #14
oie77
Registered User
 
Join Date: May 2005
Location: Distrito Federal
Posts: 86
My Ride: wamta
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 is offline   Reply With Quote
Old 02-14-2013, 02:29 PM   #15
oie77
Registered User
 
Join Date: May 2005
Location: Distrito Federal
Posts: 86
My Ride: wamta
Quote:
Originally Posted by klangford View Post
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...
oie77 is offline   Reply With Quote
Old 02-14-2013, 02:31 PM   #16
217Bimmer
Registered User
 
Join Date: May 2008
Location: IL
Posts: 146
My Ride: 2001 BMW 330i
Quote:
Originally Posted by oie77 View Post
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.
217Bimmer is offline   Reply With Quote
Old 02-14-2013, 02:33 PM   #17
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw




http://www.por nhub.com/view_video.php?viewkey=450307561
__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
GRIFFIN is offline   Reply With Quote
Old 02-14-2013, 02:35 PM   #18
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw

__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
GRIFFIN is offline   Reply With Quote
Old 02-14-2013, 02:40 PM   #19
choxor
Registered User
 
Join Date: Nov 2010
Location: Atlanta, GA
Posts: 4,380
My Ride: JDM
How good is the VA home loan compared to these other first-time buyer loans?
__________________
choxor is online now   Reply With Quote
Old 02-14-2013, 02:41 PM   #20
217Bimmer
Registered User
 
Join Date: May 2008
Location: IL
Posts: 146
My Ride: 2001 BMW 330i
Quote:
Originally Posted by choxor View Post
How good is the VA home loan compared to these other first-time buyer loans?
boner kill
217Bimmer is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Censor is ON





All times are GMT -5. The time now is 09:32 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
(c) 1999 - 2011 performanceIX Inc - privacy policy - terms of use