ok,the house i offered to buy is around 275,000. L.A. County. Is there any way to not have to pay this closing cost?
About 8,00 closing cost even with V.A. loan!?
- Thread starter daves66nova
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$800? That ain't bad.... That's actually pretty cheap.
He's right $800 is good. Do it and enjoy your new place.
gathermewool
Site Donor 2025
I'm not sure how "8,00" can be misconstrued as a typo for $800 (has any one recently paid so little in closing costs?) instead of the more-likely $8k.
Gotta pay for points, am I right? What's your interest rate? If you don't plan to stay in your house for very long, then a higher interest rate and lower closing costs would make more sense.
Gotta pay for points, am I right? What's your interest rate? If you don't plan to stay in your house for very long, then a higher interest rate and lower closing costs would make more sense.
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SORRY, i meant 8,000!!! Heck,if it was 800,i'd feel bad and probably want to pay more.
Yes.....make your offer stating the seller will pay the closing cost....and have the seller agree.
But it might be to late for that to happen.
But it might be to late for that to happen.
When we got our house 2yrs ago it was 9k closing. The house was priced great so I gave them what they offered and told them to cover closing. They covered all but 1,200. Gotta negotiate and pay what you feel it's worth to you. If you already made an offer without asking for closing costs to be paid then it might be to late. Unless they decline and you make another offer.
tell your agent you want to negotiate the closing costs. or the seller agent if you don't have one. mine was about 9k, but the point I paid was around 3k. worth it since rates dropped below 4%. I'm at 4.25. plan to pay off 30 yr loan in ten years if possible
Either don't buy it or ask for a sellers concession.
Originally Posted By: Cutehumor
tell your agent you want to negotiate the closing costs. or the seller agent if you don't have one. mine was about 9k, but the point I paid was around 3k. worth it since rates dropped below 4%. I'm at 4.25. plan to pay off 30 yr loan in ten years if possible
How r u gonna pay off a 30 year mortgage in 10 Years? Mines $2,800 a month without taxes. No way I could do that. How do you suggest that could happen?
If you could pay it off in 10 years, wouldn't you try for a 15 year mortgage?
tell your agent you want to negotiate the closing costs. or the seller agent if you don't have one. mine was about 9k, but the point I paid was around 3k. worth it since rates dropped below 4%. I'm at 4.25. plan to pay off 30 yr loan in ten years if possible
How r u gonna pay off a 30 year mortgage in 10 Years? Mines $2,800 a month without taxes. No way I could do that. How do you suggest that could happen?
If you could pay it off in 10 years, wouldn't you try for a 15 year mortgage?
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This is a job for your realtor to negotiate for you.
Originally Posted By: ajchien
This is a job for your realtor negotiate for you.
+1, That's why you pay a commission.
This is a job for your realtor negotiate for you.
+1, That's why you pay a commission.
JTK
$100 Site Donor 2025
Originally Posted By: johnachak
How r u gonna pay off a 30 year mortgage in 10 Years? Mines $2,800 a month without taxes. No way I could do that. How do you suggest that could happen?
You'd have to come up with ~3 extra P&I payments per year to pay it off that soon.
To the OP, $8K sounds about right. I'm sure it varies by area, but my $217K home cost me about $6K for closing last year. All the fees, first year taxes for escrow, etc.. Not to mention the 6% my useless agent got and another $8500 I had to come up with the replace the septic system on the home we sold. Ugh.. that was a tough time.
Joel
How r u gonna pay off a 30 year mortgage in 10 Years? Mines $2,800 a month without taxes. No way I could do that. How do you suggest that could happen?
You'd have to come up with ~3 extra P&I payments per year to pay it off that soon.
To the OP, $8K sounds about right. I'm sure it varies by area, but my $217K home cost me about $6K for closing last year. All the fees, first year taxes for escrow, etc.. Not to mention the 6% my useless agent got and another $8500 I had to come up with the replace the septic system on the home we sold. Ugh.. that was a tough time.
Joel
Originally Posted By: johnachak
Originally Posted By: Cutehumor
tell your agent you want to negotiate the closing costs. or the seller agent if you don't have one. mine was about 9k, but the point I paid was around 3k. worth it since rates dropped below 4%. I'm at 4.25. plan to pay off 30 yr loan in ten years if possible
How r u gonna pay off a 30 year mortgage in 10 Years? Mines $2,800 a month without taxes. No way I could do that. How do you suggest that could happen?
If you could pay it off in 10 years, wouldn't you try for a 15 year mortgage?
Yeah no kidding. If you plan and can afford to pay it off in 15 years...get a 15 years loan...the interest rate is cheaper.
Originally Posted By: Cutehumor
tell your agent you want to negotiate the closing costs. or the seller agent if you don't have one. mine was about 9k, but the point I paid was around 3k. worth it since rates dropped below 4%. I'm at 4.25. plan to pay off 30 yr loan in ten years if possible
How r u gonna pay off a 30 year mortgage in 10 Years? Mines $2,800 a month without taxes. No way I could do that. How do you suggest that could happen?
If you could pay it off in 10 years, wouldn't you try for a 15 year mortgage?
Yeah no kidding. If you plan and can afford to pay it off in 15 years...get a 15 years loan...the interest rate is cheaper.
JHZR2
Staff member
Is it really $8k in closing costs, or does that inclue prepaid escrow, taxes, insurance, interest for a month, etc?
Agree with JHZR2 - what exactly are we including in the closing cost category? If prepaids, taxes, insurance, etc... is already in there, then for sure this is normal. If not, its high, but not completely abnormal either.
Honestly, if this is all coming as a surprise at this stage, you need a better realtor and lender.
Honestly, if this is all coming as a surprise at this stage, you need a better realtor and lender.
That's about right when you finance and need to escrow. Also attorney's get a lot if your not a frequent flyer. I use my guy for a few dozen closings a year plus other stuff so I think the last one cost me $600.
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I thought the seller pays most of the closing costs on a VA loan?
Originally Posted By: Warstud
Originally Posted By: johnachak
Originally Posted By: Cutehumor
tell your agent you want to negotiate the closing costs. or the seller agent if you don't have one. mine was about 9k, but the point I paid was around 3k. worth it since rates dropped below 4%. I'm at 4.25. plan to pay off 30 yr loan in ten years if possible
How r u gonna pay off a 30 year mortgage in 10 Years? Mines $2,800 a month without taxes. No way I could do that. How do you suggest that could happen?
If you could pay it off in 10 years, wouldn't you try for a 15 year mortgage?
Yeah no kidding. If you plan and can afford to pay it off in 15 years...get a 15 years loan...the interest rate is cheaper.
I pay half the mortgage every two weeks and it cuts 5 yrs off the mortgage. I usually pay an extra mortgage payment as well. my house payment is only 1503/month. I have 170k equity in the house after 1.5 yrs. I did pay 20% down with no PMI insurance. easy for you armchair guys to say get a 15 yr loan, talk to the wife! if one of us ever got laid off, a 15 yr loan would be pushing it. while we both are working, we are comfortable so I'm paying down my mortgage fast. I'll be 35 yrs old next month. so everything is working out fine. my next house payment is due next March, I have paid that far ahead. I figure I can cut almost 170k in interest if I can pay this off in ten yrs.
Originally Posted By: johnachak
Originally Posted By: Cutehumor
tell your agent you want to negotiate the closing costs. or the seller agent if you don't have one. mine was about 9k, but the point I paid was around 3k. worth it since rates dropped below 4%. I'm at 4.25. plan to pay off 30 yr loan in ten years if possible
How r u gonna pay off a 30 year mortgage in 10 Years? Mines $2,800 a month without taxes. No way I could do that. How do you suggest that could happen?
If you could pay it off in 10 years, wouldn't you try for a 15 year mortgage?
Yeah no kidding. If you plan and can afford to pay it off in 15 years...get a 15 years loan...the interest rate is cheaper.
I pay half the mortgage every two weeks and it cuts 5 yrs off the mortgage. I usually pay an extra mortgage payment as well. my house payment is only 1503/month. I have 170k equity in the house after 1.5 yrs. I did pay 20% down with no PMI insurance. easy for you armchair guys to say get a 15 yr loan, talk to the wife! if one of us ever got laid off, a 15 yr loan would be pushing it. while we both are working, we are comfortable so I'm paying down my mortgage fast. I'll be 35 yrs old next month. so everything is working out fine. my next house payment is due next March, I have paid that far ahead. I figure I can cut almost 170k in interest if I can pay this off in ten yrs.
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^^^
Great job in playing your cards right and thinking about getting ahead on the payments.
Great job in playing your cards right and thinking about getting ahead on the payments.
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