"closing Cost Estimates???"
Is there any rule of thumb for figuring out the approximate amount that the closing cost will be on a loan of about $30,000?
If anybody knows of a link where this has been discussed already, I'd appreciate it. I searched through and can't find an answer..
Thanks
Sorry this is in the wrong forum. I was working off of the list on the side and this is the post that I had open at the time. I don't know how to move it. [ Edited by wishbonejones on Date 04/07/2004 ]
here is what the closing costs would be:
1) title insurance : $420.00
2) endorsements if needed: $200.00 or $150.00 depends which ones are needed
3) notary fee: $15.00
4) doc prep fee: $75.00
5) tax cert fee: depends on your county, city , and school: usually $46.50
6)overnight fee: $62.00 or lower
7) recording fee: Deed $45.00, Mgt $75.00, Sat $15.00
These fees are based on a refinance with the loan amount of $30,00.00. Any other fee would be the Bank fees or if a broker was involved the Broker's fee.
The fees for a purchase would be different.
Lori
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home equity loans/ lines might fit the small loan size. Many lenders offer these with no fees at all. The rate is determined by your fico score ( credit score) anywhere from prime+0 on up depending. Because the loan is small lenders are regulated against high cost loans - basically you are at the bottom line of all the flat fee costs- same fees for $ 30000 or $ 80000.
Tinman, Would you also have a State transfer tax there too? Or doesn't PA have a sales tax on home transfers? In Wisconsin it's .003 of the sale price.
Sandbahr,
There are transfer taxes. The PA state is 1% of the sale price and city & county usually is 1% (although there are exceptions depending on the county). Total of 2% or more of the sale price. In my area of PA, it is customary for buyer and seller to split the transfer taxes evenly.
Nancy, how nice that they share in PA! In Wisconsin it is customary for the seller to foot the whole bill. Anyway, wishbonejones may want to add that to closing costs also.
Actually there are no transfer costs in Pa unless you are buying and selling. I think Vandergrift is in Westmoreland County. The transfer tax is 1% for state stamps and 1% for county/city stamp tax. That is also true for Armstrong, Butler, and Beaver.
In Allegheny county the transfer tax is 3.5% for both in the city limits of PGH.
Most cases the transfer cost is split, but I did have a closing on Friday where the buyer paid all transfer costs. I was a bit surprised, most of the time the seller will pick them up to help out the buyer with the closing costs. There is no general rule. The Real Estate Agent usulally marks it on the contract and I follow the sales contract.
Lori
Also on a purchase the buyer would not have a Doc Prep fee or a tax cert fee. And the notary fee would be $12.00
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