I’ve been searching for some reliable sources on closing costs!

[AbuHossam]

The Question
Every lender and every source seems to say something wildly different. Like for a $220,000 house some say closing costs are around $7,000 and others up to $20,000. Not including down payment. We are trying to save up down payment and closing costs before starting to look and of course it will take us a lot longer to save $20k than $7k for closing costs. But at the same time, we don’t want to save $7k for closing only to find out we actually needed $20k for closing!


Would love some real life feedback from home owners! We are in Buffalo NY for context!


ANSWER 1
I don’t remember what my closing costs were, but my lender set me up with a grant program that gave me $5k towards closing costs as a first time homebuyer.

Look for all the free money you can get!


ANSWER 2
You should check out NACA. No down payment, no closing cost, no credit score requirement, no mortgage insurance and a below market fixed rate.


ANSWER 3
It's not just the price of the house it's the price, the type of loan, so much changes it. It truly can vary that much. You need to get with a great lender. They will get you pre-approved for the type of loan that best fits your needs(conventional,USDA,FHA,VA, ect) and then they can give e you a better estimate. It still won't be set in stone but it will be closer. But you absolutely can always ask for the sellers to pay your closing cost or a portion of your clsoing cost as part of your offer, when you make an offer on a property. But by the time you're making an offer on a property you will be settled on a loan and will have a closer estimate of the actual cost.



ANSWER 4
Stick to local lenders, not the big name internet companies. A national bank or statewide company is fine, but only if they have a branch you can walk into to talk to the loan officer. Call at least three lenders. Costs and rates very quite a bit sometimes.

If you have your Realtor, ask them for at least three people they trust. They know who the best lenders are in your area.