Compare Mortgage Quotes

mikeklenosky · Joined: 04 Aug 2009 Posts: 6 3.03 Dollars($)

Hey Cliff... I've been working with a mortgage broker and he's telling me i need roughly 12k in liquid assets to close on a house that im trying to buy for 131k and property taxes of $1353 in NY. His estimate seems relatively outrageous... How can I determine if this estimation is accurate?

eric1 · Posted: Thu Oct 15, 2009 10:36 am Post subject:

Mike

It really all depends on what is included in that liquid asset estimate. For example, you may need the balance of your down payment. Tell me this, what is your rate and what is the APR?

jveenstra · Posted: Thu Oct 15, 2009 10:40 am Post subject: Closing Costs

New York state has a mortgage tax---other states do not have that. Not knowing your mortgage amount, that could add up to $2,300 to your closing costs.
Not counting the mortgage tax, closing costs should be about $7,500. With the mortgage tax should be about $9,800.
If you are paying points on the mortgage, that figure would be higher.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Trying to determine closing costs