The
closing costs vary widely from lender to lender and from loan to
loan. They depend greatly on how much money you have to put down
on the home, what type of loan you were able to secure and many
other factors.
There
are however, certain costs associated with buying a home that you
can count on being pretty much the standard here in Austin.
About
your Down Payment
Most
loans today require a down paymay of between 2.25% and 10.0% depending
on the typ and terms of the loan. IF you're able to come up with
20-25% down payment, you may be able to take advantage of special
"fast track" programs and possible even eliminate your
mortgage insurance.
Closing
Costs in General
Your closing
costs will encompass different fees for loan processing and general
services involved with the purchase of a home. While the seller
generally pays for the commission to the real estate professionals
involved, you, the buyer will be expected to pay for other things.
Some of these items are listed below with the approximate amounts
and when you'll be expected to pay them.
For a complete
list and numbers specific to your particular situation, contact
your Realtor. The items marked with an asterisk indicate
that these are credited towards your down payment and closing
costs.
1.
Loan Application - $65.00 Credit Report*
2.
When the Contract is written - $100.00 - $500.00 Option fee*;
$750.00+ for earnest money.
3.
Inspections (1-10 days after contract) - $175.00 - $250.00
4.
Appraisal (collected at loan application time, but usually
not ordered until after inspections are complete) - $325.00*
5.
Closing fees (collected at time of closing, generally 10-60
days after contract is accepted) - Balance of downpayment, loan
processing fees, title fees, etc.
