How Much Are Mortgage Closing Costs? | The Complete Guide

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— HELPFUL TOOLS —

0:00 How Closing Costs Work (And Why They Cost So Much)
0:25 What is Closing Cost?
1:02 Cash to Close
1:18 Down Payment
1:43 Minimum down payments
2:09 Closing cost
2:25 Adjustments: Earnest Money
2:51 Seller Credits
2:59 Lender Credits
3:04 Tax Proration
3:30 What's frustrating about closing cost?
6:32 Negotiating Seller Credit
8:16 Loan Estimate
9:43 Closing Disclosure
10:41 Closing disclosure walkthrough
11:57 Keeping Closing Cost Low
16:24 When is the cash to close due?
17:09 Charges Upfront
17:36 Closing cost be rolled into the loan
19:16 Refis
19:34 Seller Credits
20:34 Different loans = different closing cost?
21:56 Do you need to prove you have money?
23:05 How do you estimate yours?

Kyle Seagraves - NMLS 1701021

[msjtathe]

Just got my closing disclosure yesterday, I close on Monday 🙂

[markpineda]

The simplicity in this video is unbelievable ! Great Job !

[wowiesplace]

We won the house we love!! Thank you for all your videos it helped us so much when we are in the process of buying. We made an offer October 17 and we closed November 18. Your videos are so easy to understand and your voice is very calming it relaxes my nerves 😁😂. Seriously thank you for all you do 💕

[itzesmi]

I’ve educated myself in the home buying process but this is the Most needed knowledge to know when purchasing a house! Great breakdown. Now we’re getting ready to save up more for closing cost 💲

[Pythonette]

When we thought we'd be getting FHA, I secured a 6% seller credit. Then, we qualified for Conv 97. So, as you know, can't get >3%. While searching and researching, I was led to believe that there were so many more options to help with closing/DP for low-income first-time buyers, but, I'm buying in NY state, and it's been a tremendous challenge, and I'm sweating bullets.

[dnhtlg]

You explain everything so well. Thanks Kyle! 😊

[daveysodyssey]

I am closing next Monday. My heart is so full! I can’t WAIT!!

[rm]

3 years old but still very…… helpful. The best video ever. Thank you

[princesslopez]

I’m a so greatful for you and this channel. Thank you so much for taking the time to make these important videos and educate us on things people don’t really want us to know!

[peacebeteal]

Can you do an updated version of this? Or is it the exact same?

[JM-fiuc]

Every state is different! Check your region and ask your broker and mortgage lender what closing costs are in your area. In some parts of New York you have to deposit 12 MONTHS of property tax in escrow at closing! Some counties charge a mortgage tax as high as 1.5% of your mortgage!

[katherineweinsheim]

Do you have to run your credit to get a loan estimate from lenders? Do you ask what your lender fees are prior to getting pre-approved for mortgages?

[sierraons]

I’m about to close escrow my question is what happens to my $10, 000 deposit to open escrow ?
I’m looking at $11, 000 for closing cost & $14, 000 down payment

[gottiic]

Question my monthly payment went up higher on my CD but it states im paying for my home owners insurance at closing for the year is the 137$ monthly payments for homeowners still added on the mortgage?

[joelglass]

Thank you so much, I just got my CD today!!

[towersroofinginc]

Your videos explaining everything are truly the BEST!!

[Silverdragon]

Thanks for explaining it in such a simple way

[joshstane]

Offer gets accepted but paperwork takes 30-45 days correct? While this is going on you can't move in correct because both buyer and seller can still back out until closing paperwork is signed. Is this all correct?

[srosellerjr]

I am closing on Tuesday, and I needed this. I feel like they ask too much money, but now it kind of makes sense.

[JoshuaGraves]

This is really great, your videos are solid. It would be nice to show where the lender credit is on the LE, sometimes loan officers go "borrower paid" and charge the client for the origination fee instead of including it all in YSP. When a loan officer does this, for example the credit for closing costs will often times be the same as the origination fee.