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We had the seller cover the closing costs, becuase those things seem to add up quickly!
I've always heard 3%, ours were about 2.2%, so it sounds pretty normal. FI's mom is a real estate agent so we knew all of this right off the bat, so I wasn't too surprised, but I wasn't happy either!
Ditto @ Ottawa, we were always told 3% of the value of the home... i think ours ended up being around 2%... and we had the sellers pay for it as part of our deal!
Even when we met with the bank they told us $3,000 and we got the good faith estimate and it is $7,000. I just feel so overwhelmed everything is adding up so much more quickly than I could have ever imagined.
i know!! i didn't even know there was such a thing as closing costs until we started looking for homes - it sounds like a bit of a rip off if you ask me! ours ended up being about 6% of home value! we ended up getting the buyers to pay half, but STILL i was like are you kidding me?? i wasn't even anticipating it at first - we were like "oh sure we have enough for a down payment" but then tack on some more thousands and it became a major stressor.
@bloodgo1- We were told by our bank that the closing costs would only be $3,000 so we didn't ask for money from the seller before signing the P&S. So coming up with an extra $4,000 right now is going to give me an ulcer. I guess we don't need furniture LOL
Ours is 2.3%... we knew that going into it, but its still a scary amount!
I think I'm sitting on the other side, afraid of a future buyer asking me to pay closing costs! I wasn't so smart when I bought my townhouse several years ago and didn't put much down, and with the tanking of the house market, it is on the market at my break even point. Any price drops or paying closing costs makes it a money losing event- which I get is unfortunately common these days. So far my selling experience has been a bit of a reality check, and I think that even though we're spending a fraction of what we're approved for, I think the buying experience will be the same!
I always heard 2-3% of the cost of the home. Don't forget you have to prepay some of your real estate taxes and insurance along with prepaying a month or two worth of interest.
Ours will end up being around 2.5%, but part of agreement is that the sellers will pay up to $5,000 for closing costs.
Are you able to finance any of that additional $4K into your loan? I know thats not idea, but thats a lot of money to have to come up with, on top of everything else!
We were told 3-4%, but ours weren't quite that high. It was included in the purchase price though too, so we didn't have to pay anything at closing.
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Since so many of us seem to buying homes lately, was anyone shocked at the cost of closing costs!?
I thought it was supposed to be around 1% or the home value, but ours in around 2%. I just can't believe how many other things you pay for. Thankfully I have some money in savings, but it looks like some of our remodels are going to have to wait.