馃攳
Average Closing Cost For 1st Time Home Buyers-EASY CALCULATION - YouTube
Channel: All Phoenix with Victor Huerta (Realtor)
[0]
- Hi, I'm Victor Huerta and
on today's real estate show,
[3]
I'm going to show you what
the average closing cost is
[8]
for you, the first time homebuyer.
[11]
Let's go.
[14]
(inspiring music)
[27]
Hey, welcome back my
friends to the number one
[29]
real estate show where we keep it real,
[31]
raw and relevant in this game
that we call real estate.
[36]
Now at the end of this video,
[38]
you're gonna know exactly
what the average cost is
[41]
and how to calculate it,
[43]
how to get you really
really precise when you're
[45]
buying that house,
[46]
and what you want to know
what the average cost is
[49]
for your closing cost.
[51]
So let's deep dive right
in to the whiteboard,
[55]
I'm gonna scribble some stuff out,
[56]
this is gonna be a real
short and to the point video,
[59]
won't be too long.
[60]
But I'm just gonna show you a quick math
[62]
on how to calculate what
your closing cost is.
[65]
You gotta know what you're
gonna pay for a closing cost
[67]
when you're gonna buy a house,
[69]
so let's go.
[70]
Alright my friends,
[71]
as you can see I get the
split screen going here.
[73]
The average closing cost
for a first time homebuyer,
[76]
now let's just draw
something out here, okay.
[79]
Shrink this up and make
sure I'm still in the frame.
[82]
Go this way.
[84]
Right, here we go.
[86]
So let's just say you're buying
a house at $300,000, okay.
[92]
And you want to know what
the closing cost is, okay.
[97]
Closing cost.
[99]
The very simple math I can
do is I can just tell you is
[103]
if you take this and you
multiply this times--
[106]
oh!
[107]
I already messed up.
[109]
Let's do this again.
[110]
Times 2.35 percent.
[114]
Okay, this is kind of a simple math okay.
[117]
You will get,
[118]
wrote it down here,
[119]
$7,050.
[123]
Now this math right here
depends on the loan,
[126]
whether you're using a FHA
loan, a conditional loan,
[129]
it's all gonna depend,
[130]
it's gonna depend on your lender,
[131]
it's gonna depend on your title company.
[133]
So your agent is supposed to have a team,
[138]
a team of individuals which
is the preferred lender
[140]
and preferred title company,
[141]
they kinda keep the
fees as low as possible
[144]
because that is the closing
cost that you're gonna
[148]
have to come on top of your down payment,
[149]
if you have not seen that
video on the down payment,
[151]
it is right here.
[152]
So that is the closing cost right there,
[156]
okay that's typical math.
[157]
Now the best way to do this
is when you're purchasing
[160]
a house, and the way I always do it is,
[163]
let me move this over here,
[166]
is when you're about to
write an offer on a house
[169]
that you wanna buy,
[170]
make sure your realtor, okay,
[174]
calls your lender,
[177]
okay, because if you're looking
to write an offer on a house
[182]
you gotta know what the
closing costs are gonna be
[184]
because that's added on
top of your down payment.
[187]
Now your closing cost can be
covered by the seller, okay,
[190]
that's just negotiation tactic that we use
[193]
in our purchase contract.
[194]
We've been doing a lot
here in Phoenix, Arizona.
[196]
But the average closing
cost if you're just looking
[199]
for an average, you know,
[200]
how to calculate it,
[201]
you can use a calculator out there,
[203]
but usually it's 2.35 percent
of the purchase price,
[208]
okay, but it's also gonna
depend on your lender,
[211]
your loan program, the
title company et cetera.
[214]
But that's kind of like a
basic figure that I use.
[217]
Usually before I write the contract,
[219]
I contact the lender
that my client is using
[222]
and be like hey,
[222]
how much money do they need?
[225]
Sometimes they typically
just say hey, three percent.
[227]
Three percent, three percent.
[229]
You know three percent is
a lot of money for a seller
[232]
to give up to cover your closing costs,
[234]
so I go back and I just call the lender,
[235]
I need a dollar figure, okay,
[237]
an exact dollar figure because it makes it
[239]
a lot more easier to
negotiate than three percent.
[242]
But we're usually seeing
about 2.35 percent of
[245]
the purchase price.
[247]
So that's how you can calculate
the average closing cost
[251]
for you, the first time homebuyer.
[253]
Hey like I said, this
video is short and sweet.
[256]
That is how you can calculate it.
[257]
All my information is
right here and below.
[259]
We would definitely love
to apply for the job
[261]
to help you, the homebuyer,
[263]
purchase your first, second or third home,
[265]
if you're needing to sell or buy a house
[266]
we can help you there as well.
[268]
If you have not done so,
[269]
subscribe to the YouTube channel
[271]
so you can get all the
videos directly to your email
[274]
when we drop new videos,
[275]
we're dropping one or two videos a week
[277]
on this channel for you,
[279]
just to educate you
[280]
and help you understand the
homebuying home selling process.
[284]
Hey once again I am Victor Huerta,
[285]
thank you for watching THE
number one real estate show
[288]
where I untangle all the
real estate lingo so you
[289]
can make a better sound decision
when you're thinking about
[293]
selling, buying or
investing in real estate.
Most Recent Videos:
You can go back to the homepage right here: Homepage