Closing Cost

[newwife03]

What is the name of your state? TX**************..I have a question****************************.How can I find out how much the closing cost will be on a house purchased for 190,000.00? What all is included in the closing cost? Thanks.

[seniorjudge]

Ask to see a copy of the HUD before you sign anything.

Closing costs means different things in different localities.

Usually, it is title costs, document preparation, notary fees, etc.

Ask.

Make sure you understand what it is.

[newwife03]

Thank you****************************..It's a new home, so I'm new at this house buying. What is the HUD?
What other advice can you give me on purchasing this new home? Thanks

[seniorjudge]

The HUD is the settlement statement.

Sorry for the jargon.

It is approved by the Housing and Urban Development (or whatever it is called today) bureaucrats and everyone just calls it a HUD.

Other advice? Make danged sure you know exactly what you are buying. Get a house warranty. Get an inspection. Make sure you understand your title commitment.

Ask tons of questions and make sure you know everything...especially the terms of your mortgage.

[FlyingRon]

More properly, a "HUD-1" the total accounting of all the moneys paid during closing (including the price of the house).

Your lender should have also given you a good faith estimate of the costs involved with the financing.

[LindaP777]

Originally Posted by FlyingRon

Your lender should have also given you a good faith estimate of the costs involved with the financing.

Yep, yep! If you didn't get, demand it!

[newwife03]

Could you list some questions on here that we should ask? We go to the office on Friday to do all the paper work that is involved in the loan and then afterwards we have an appointment at the design center to choose our colors. please any info & questions will help. The sell price of the home is 185,000 at 6.25-6.50%. Thanks

[shelychris]

Originally Posted by newwife03

What is the name of your state? TX**************..I have a question****************************.How can I find out how much the closing cost will be on a house purchased for 190,000.00? What all is included in the closing cost? Thanks.

Your lender should tell you what your closing costs will be. Some of the closing costs include Title work & title insurance, inspections, appraisal, lender fees, recording fees, interest payment for each day until the end of the month, etc. Mortgage Brokers typically have higher closing costs, but often will have a better interest rate & lower PMI...if they are any good!

[LindaP777]

The items you should be most concerned with is everything in the 800's section on the HUD. This is where there can really tack on expensive fees (if any). Keep in mind, all lenders will charge things like appraisals, document prep, recording fees, etc. You just want to avoid paying a high fee for their giving you the loan.