What should we expect percentage wise for closing costs on a new home loan?

Hello Hassan,We offer different loan programs with different rates and cost. Your standard closing cost shouldn't be around $3000 for title insurance and escrow services. However depending on your fico score and your down-payment we may be able to offe you a no Point / no cost loan. Feel free to call or email us by clicking on the our profile.

There is no simple answer for this question. There are at least 21 criteria for determine rate and cost. Program, occupancy, credit scores, state, down payment size, etc. Then once the base cost is calculated, you also need to factor in escrows for taxes and insurance... and then finally, and the most confusing of all - what do you want to pay? We can give to lower rates, but your costs will be higher. Or we can give you low, or even no costs - but your rate will be higher.

Loans can still be structured as no-cost loans at very good rates, so essentially you can get a zero closing costs loan. I just closed one at 4.375% where the borrower paid zip for closing costs, zero, nada. No escrow, title, origination, appraisal etc. Loan was $551K. Good luck..

Hello Hassan,We offer different loan programs with different rates and cost. Your standard closing cost shouldn't be around $3000 for title insurance and escrow services. However depending on your fico score and your down-payment we may be able to offe you a no Point / no cost loan. Feel free to call or email us by clicking on the our profile.

The costs can vary nowadays thanks to the govt. overhauling the good faith estimates. It can be 1%, 2% or depending if you are doing a permanent or temporary buy down on the rate. Is the seller going to contribute to the closing costs? Also, give yourselves a high-five on getting an accepted offer in this competitive over-bidding market.

If you are purchasing a home and the seller is contributing up to 6% of closing costs then nothing from you. Get as much closing costs paid for from the seller or at least 3%.

Lower closing costs may result in a higher rate. Do the math, based on how long you are going to keep the house.

as always.... it depends

With a loan amount your size you will have many options. Closing costs are determined by a number of factors. When factoring closing costs on a purchase of $521,000 you will find the rate you choose will effect your closing costs more than any other factor. the lower the rate the more cost you will have to pay directly, the higher the rate the less cost you will need to cover.

Closing costs are going to vary based on a number of things including your loan program and if the seller will be paying any of the closing costs.

There is no percentage rule of thumb you can use to apply to your scenario. You will have third party title charges that will come from the title/escrow company that the lender will no control over.

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