Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Average closing costs???
Hey fellow nesters.....H and I live in Suffolk County NY. We are financing through Capital One. Any idea what the average closing costs are. Taxes on the house are $9K/yr. We have about $10K (plus a $9K credit through a few programs in our are) but I'm freaking out that it will be waaaaaay more! Any ideas???
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Re: Average closing costs???
it's almost impossible to come up with an "average" number - closing costs depend on who your lender is, what type of loan you get, how much you put down, the value of your home, etc. Some are administrative fees (to your loan provider, title company, county, etc), some are taxes (property, land transfer, etc), and some are just plain weird fees they charge for strange reasons. Your best bet is to ask your loan officer for an estimate.
Good luck with your purchase. your dd is adorable!
I believe that 3% of the purchase price is a good "average base" when estimating CC. Some things that can quickly increase your CC including a lender requirement to pay the year's property taxes, HOA fees and HO insurance upfront (which is becomming more common).
We did a refi and a new loan this year on two different homes. The two different lenders had different "upfront" requirements so it drastically impacted how much money was required at closing.
My Valentine Bookends (2~13~13, 2~15~09)
Are you saying you have 10K cash now and you need 9K of that to close and are worried you won't have enough if the closing costs are more? If that is the case, you are living dangerously (financially speaking).
You should have in place after closing a good emergency fund of at minimum 3-6 months expenses - more is better.
Have you done a house budget (including moving costs, start up costs (ladders, yard equipment, tools etc) , utility deposits, repair/renovation costs, additional furniture/decorating costs ?
RIP Dr. Irving Fishman - 10/1/19-7/25/10 - thank you for holding on for me.
You made my wedding day complete.
ABSOLUTELY NOT!!! lol I am saying we have set aside 10K cash for closing and we also have 9K in grants that we were given towards closing costs for a total of $19K. We also have saivings designated for moving expenses etc similar to the items you mentioned. I am well aware that buying a house is a BIG deal and you must have at least 8 months mortgage in savings before even thinking about purchasing a new home.