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Old 03-23-2011, 12:08 AM   #1
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Mortgage closing cost


What would the closing cost be for a 260k house & 11k sellers concession in queen ny property tax 1700 a year? Paid $8,950 down it's a FHA loan they charged 2642 for the loan fee the lawyer fee is 1500 I paid the rider of 500 already

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Old 03-23-2011, 12:53 AM   #2
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Mortgage closing cost


you should have a good faith estimate of closing costs. That is as close as you are going to get and much closer than anybody not directly involved with the deal could tell you.

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Old 03-23-2011, 01:06 AM   #3
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I got that but I can't understand or rap my mind around all those numbers they told me that my closing cost would be 19000 I'm now wondering if they took the concession in consideration because 11k from that would be 8k so I'm a bit confuse about this concession thing
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Old 03-23-2011, 01:38 AM   #4
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Mortgage closing cost


before I say anything else, define:

sellers concession
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Old 03-23-2011, 07:00 AM   #5
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That's when the seller grant you the right to include a part of the closing cost in the mortgage which require less cash at closing from the purchaser I was given 11k concession which should have been deducted from the total closing cost
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Old 03-24-2011, 01:02 PM   #6
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I don't understand. The Seller can't grant you anything other than a reduced selling price.

Your closing costs are your closing costs. They should include a lawyer's fee, some misc doc prep fees, and your escrow. It should total around $4-5k unless your property taxes or insurance costs are unusually high.

It's up to you whether you roll the closing costs into the permanent financing of the house or pay it out of pocket at closing. If you roll it into your permanent financing, you could put your loan amount greater than 80% of the appraised value of the house, which would change the financing terms.

You've already identified the escrow and the lawyer's fee. I don't understand what your rider fee is. It seems to me that your closing cost is $2,643+$1,500 and maybe the $500 rider, depending on what that is.
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Old 03-24-2011, 01:10 PM   #7
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I don't understand. The Seller can't grant you anything other than a reduced selling price.
That might vary by jurisdiction. Here in SC it's not unheard of for a property to be listed with "Seller will pay $X of buyer's closing costs."

Our closing costs were about $5k, plus the 20% down. I couldn't get the closing attorney to give me any heads up on the closing cost until the morning of -- "bring a certified check for..."
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Old 03-24-2011, 03:29 PM   #8
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That still doesn't make any sense. If you were buying a $200k house and the Seller offered to pay $5k in closing, then that's the same as the house selling for $195k and the Seller paying no closing costs. Money simply goes from one pocket to the other.

In the case of closing cost estimates, the banks can give you that (good faith estimates) well in advance of the closing date.
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Old 03-24-2011, 04:00 PM   #9
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That still doesn't make any sense. If you were buying a $200k house and the Seller offered to pay $5k in closing, then that's the same as the house selling for $195k and the Seller paying no closing costs. Money simply goes from one pocket to the other.
The difference is that the buyer doesn't need to have the $5k.

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In the case of closing cost estimates, the banks can give you that (good faith estimates) well in advance of the closing date.
Your experience is different than mine. My bank had only the down payment figure. Everything else came from the attorney and there was no estimate, good faith or otherwise, ever. Just the final amount the morning of the closing. I had a pretty good idea what it was going to be so there was no problem, but it was rather annoying to not be able to get a figure.

When we went to closing they found a mistake -- $200 in our favor.

After closing they found another $200+ in our favor.
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Old 03-24-2011, 04:45 PM   #10
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Mortgage closing cost


Well our bank told us we should be reinburst the appraisal fee and also the pest inspection because we had paid those out of our pocket so we have 20k jus in case for closing I still don't understand why it cost so much ! They told me 19k
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Old 03-25-2011, 09:41 AM   #11
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I'm just trying to get over my envy of a $1,700 property tax bill on a $260K house.
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Old 03-25-2011, 12:32 PM   #12
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Lol that was priority when I went house hunting
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Old 03-28-2011, 08:19 PM   #13
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Mortgage closing cost


You have a lawyer, if he can't answer your questions, you picked an idiot.
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Old 03-29-2011, 01:18 PM   #14
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What would the closing cost be for a 260k house & 11k sellers concession in queen ny property tax 1700 a year? Paid $8,950 down it's a FHA loan they charged 2642 for the loan fee the lawyer fee is 1500 I paid the rider of 500 already
If you're going through a regular bank, you're probably paying what is appropriate. If you're going through a mortgage brokerage, you're probably getting taken to the cleaners.

All mortgage loans are not equal.


That said, somebody closer to the situation is going to have to advise you, because what is true in one state is not always binding in another.

Good luck!

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