# Closing costs? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [September 10, 2009, 7:15pm UTC](https://forums.speedlife.net/t/closing-costs/73356 "2009-09-10T19:15:06Z")\ **Posts on this page:** 20\ **Page:** 4
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [August 2, 2011, 4:39pm UTC](https://forums.speedlife.net/t/closing-costs/73356/61 "2011-08-02T16:39:04Z")
Bump, I am in the market right now for a house. I am looking to put least down as possible, but I have money to put down if need be. I’m only thinking that because I would like to have some cash to fix some things on the house and buy a few furniture pieces. How does the seller’s concession work and how much can they do it for? I’m looking at something that is priced at $99k right now. I will have $3-5k available for my down payment. From the sounds of it NACA takes a long time to do and right now I am not looking to wait long. ---
**Author:** ![Tbirdsc1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tbirdsc1/32/7487_2.png) [@Tbirdsc1](https://forums.speedlife.net/u/Tbirdsc1)\ **Post date:** [August 2, 2011, 6:52pm UTC](https://forums.speedlife.net/t/closing-costs/73356/62 "2011-08-02T18:52:06Z")
> [@bobbyg1243](#): > > Bump, I am in the market right now for a house. I am looking to put least down as possible, but I have money to put down if need be. I’m only thinking that because I would like to have some cash to fix some things on the house and buy a few furniture pieces. How does the seller’s concession work and how much can they do it for? I’m looking at something that is priced at $99k right now. I will have $3-5k available for my down payment. From the sounds of it NACA takes a long time to do and right now I am not looking to wait long. I believe the max in NY is 6% of the sale price. So if the house went for $99k then up to $6k could be done through seller’s concession (final “purchase price” and mortgage amount - $105k). The seller will only recognize the $99k, the remaining $6k would be used for your closing costs. ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [August 2, 2011, 6:58pm UTC](https://forums.speedlife.net/t/closing-costs/73356/63 "2011-08-02T18:58:06Z")
I called my mortgage guy tonight and he ran everything by me. Looks like I will need $5,600 to close on this house @ 4.25% using just under $6k on the seller’s concession. If I went with a higher rate, I would need $3,600 down @ 4.75% rate. It’s almost a no brainer to just put the $5,600 down unless someone can convince me why I should not…I wasn’t too thrilled at the $856 payment he threw at me, but i guess that’s life. Gonna have to work a few more days a month to make up for it… ---
**Author:** ![jay\_g](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jay_g/32/111288_2.png) [@jay\_g](https://forums.speedlife.net/u/jay_g)\ **Post date:** [August 3, 2011, 6:41am UTC](https://forums.speedlife.net/t/closing-costs/73356/64 "2011-08-03T06:41:36Z")
That 856 better include escrow. ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [August 3, 2011, 6:51am UTC](https://forums.speedlife.net/t/closing-costs/73356/65 "2011-08-03T06:51:17Z")
yeah, it includes everything. PMI, taxes, etc… ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [August 3, 2011, 7:00am UTC](https://forums.speedlife.net/t/closing-costs/73356/66 "2011-08-03T07:00:54Z")
why is the down-payment lower if you put more down? are you buying points to lower the rate? ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [August 3, 2011, 7:07am UTC](https://forums.speedlife.net/t/closing-costs/73356/67 "2011-08-03T07:07:56Z")
The down payment would be 3600= $2k less and take a higher rate. My normal down payment is $5,600. ie. the bank is helping you out up front while sticking it to you in the back if you cant afford the already lowered down payment at 3.5% down. ---
**Author:** ![Tbirdsc1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tbirdsc1/32/7487_2.png) [@Tbirdsc1](https://forums.speedlife.net/u/Tbirdsc1)\ **Post date:** [August 3, 2011, 7:20am UTC](https://forums.speedlife.net/t/closing-costs/73356/68 "2011-08-03T07:20:43Z")
> [@bobbyg1243](#): > > The down payment would be 3600= $2k less and take a higher rate. My normal down payment is $5,600. ie. the bank is helping you out up front while sticking it to you in the back if you cant afford the already lowered down payment at 3.5% down. Take the lower rate if you plan on staying there for a while, if you just plan on fixing the place up and selling save the $2k during closing. Over a 30 year loan, you would save $10,600 - $2k (higher down payment) for a total of $8,000 in total interest. Yes the upfront costs are higher but in the long run you will save…if you plan on staying there. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [August 3, 2011, 7:36am UTC](https://forums.speedlife.net/t/closing-costs/73356/69 "2011-08-03T07:36:23Z")
> [@bobbyg1243](#): > > The down payment would be 3600= $2k less and take a higher rate. My normal down payment is $5,600. ie. the bank is helping you out up front while sticking it to you in the back if you cant afford the already lowered down payment at 3.5% down. what I’m taking away form this is that you have no idea how the numbers really break down. this is something you should know on a 6 figure purchase. ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [August 3, 2011, 9:06am UTC](https://forums.speedlife.net/t/closing-costs/73356/70 "2011-08-03T09:06:49Z")
> [@theblue](#): > > what I’m taking away form this is that you have no idea how the numbers really break down. this is something you should know on a 6 figure purchase. I know exactly how the numbers break down. What I’m taking away from this is that your confused as to what I am saying. To answer your question though, I came in here for some guidance… ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [August 3, 2011, 9:28am UTC](https://forums.speedlife.net/t/closing-costs/73356/71 "2011-08-03T09:28:15Z")
what makes the rate lower then? (and don’t say because you’re putting more down) ---
**Author:** ![livin4hockey](https://avatars.discourse-cdn.com/v4/letter/l/d2c977/32.png) [@livin4hockey](https://forums.speedlife.net/u/livin4hockey)\ **Post date:** [August 8, 2011, 3:25pm UTC](https://forums.speedlife.net/t/closing-costs/73356/72 "2011-08-08T15:25:13Z")
So I know people rave about penfed for car loans. Anyone have any experience for a mortgage through them? For reference, just happened to browse this: [https://www.penfed.org/productsAndRates/mortgages/mortgageCenter.asp?intcid=ad-penfed-home-main-55ARMconforming\_03302011](https://www.penfed.org/productsAndRates/mortgages/mortgageCenter.asp?intcid=ad-penfed-home-main-55ARMconforming_03302011) ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [August 9, 2011, 7:09am UTC](https://forums.speedlife.net/t/closing-costs/73356/73 "2011-08-09T07:09:01Z")
do you want an ARM (adjustable rate)? Penfed’s rates look decent, but nothing that can’t be replicated locally. ---
**Author:** ![Minglor](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/minglor/32/7373_2.png) [@Minglor](https://forums.speedlife.net/u/Minglor)\ **Post date:** [August 9, 2011, 12:42pm UTC](https://forums.speedlife.net/t/closing-costs/73356/74 "2011-08-09T12:42:46Z")
all I can say about closing costs. FUUUUUUUUUUUUUUUUUUUUUU ---
**Author:** ![Jagermeister](https://avatars.discourse-cdn.com/v4/letter/j/f19dbf/32.png) [@Jagermeister](https://forums.speedlife.net/u/Jagermeister)\ **Post date:** [August 9, 2011, 8:33pm UTC](https://forums.speedlife.net/t/closing-costs/73356/75 "2011-08-09T20:33:54Z")
I threw down 20% on my new house which just closed. In addition to that, Closing costs were around $12k but $5k in seller concessions helped bring that down. Can’t wait for my current house to close so I can have some money in the bank again! ---
**Author:** ![Jack](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jack/32/7613_2.png) [@Jack](https://forums.speedlife.net/u/Jack)\ **Post date:** [August 9, 2011, 8:44pm UTC](https://forums.speedlife.net/t/closing-costs/73356/76 "2011-08-09T20:44:05Z")
I’m probably taking $40k out of my 403B to put down on the house… PMI is about $210/mo otherwise… I’d rather take it out of the shitty market and pay myself the interest. Are there any disadvantages to doing that in a market where I’m losing about $10k/mo? lol… ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [August 10, 2011, 5:00am UTC](https://forums.speedlife.net/t/closing-costs/73356/77 "2011-08-10T05:00:47Z")
I ran into that same thing Jack. I did the math and it was $91 a month for me. I can pay it for 5 years, then when my loan hits 20% equity, it comes off. I would have it paid down by next year, but what I am thinking of doing is investing the money into the house, getting it appraised again and it should raise the value up and I can refi. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [August 10, 2011, 6:18am UTC](https://forums.speedlife.net/t/closing-costs/73356/78 "2011-08-10T06:18:06Z")
> [@Jack](#): > > I’m probably taking $40k out of my 403B to put down on the house… PMI is about $210/mo otherwise… I’d rather take it out of the shitty market and pay myself the interest. > > Are there any disadvantages to doing that in a market where I’m losing about $10k/mo? lol… I would not recommend this. you haven’t lost or made anything until you cash out. if you cash out at the bottom you’re getting the worst possible value. ---
**Author:** ![Tbirdsc1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tbirdsc1/32/7487_2.png) [@Tbirdsc1](https://forums.speedlife.net/u/Tbirdsc1)\ **Post date:** [August 10, 2011, 6:46am UTC](https://forums.speedlife.net/t/closing-costs/73356/79 "2011-08-10T06:46:20Z")
> [@Jack](#): > > I’m probably taking $40k out of my 403B to put down on the house… PMI is about $210/mo otherwise… I’d rather take it out of the shitty market and pay myself the interest. > > Are there any disadvantages to doing that in a market where I’m losing about $10k/mo? lol… PMI of $210/month…thats seems super high, is something else driving it up? What bank are you going through? ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [August 10, 2011, 6:52am UTC](https://forums.speedlife.net/t/closing-costs/73356/80 "2011-08-10T06:52:39Z")
^ that too. mine is like $100 on a $150k house. [Previous page](https://forums.speedlife.net/t/closing-costs/73356.md?page=3) [Next page](https://forums.speedlife.net/t/closing-costs/73356.md?page=5)