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Old 04-06-2012, 07:09 AM
 
12 posts, read 24,411 times
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I currently live in Maryland but will be relocating to Colorado in the not so distant future. In Maryland, our closing costs and taxes for home buyers is unbelievable....depending on the cost of the home, can be $12-15,000 or more.

What type of taxes/closing costs are involved in home buying in Colorado? Maryland is not a state for retirees and since I'll be retiring, I'd like to get some idea of what I'm getting into.

Many thanks.
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Old 04-06-2012, 01:08 PM
 
Location: OH>IL>CO>CT
7,525 posts, read 13,648,169 times
Reputation: 11924
Default Closing Cost Example

Quote:
Originally Posted by Catmom48 View Post
I currently live in Maryland but will be relocating to Colorado in the not so distant future. In Maryland, our closing costs and taxes for home buyers is unbelievable....depending on the cost of the home, can be $12-15,000 or more.

What type of taxes/closing costs are involved in home buying in Colorado? Maryland is not a state for retirees and since I'll be retiring, I'd like to get some idea of what I'm getting into.

Many thanks.
Last summer I sold my house in a suburb of Denver for $222,500. The buyer's closing costs (not including down payment or earnest money) on a Conv loan was about $4900. This included:
loan origination $985
appraisal $400
credit report $18
partial mo interest $92 (closed on 26th of month)
1st yr fire insurance $708
initial escrow deposit $550
title services $835
Owner's title insurance $1229
Govt recording fees and taxes $$100

Their TOTAL "cash from borrower" at closing was $21,900, but that include down payment.

They also paid out about $500 prior to close for inspection and
radon test.

In CO, prop taxes are paid "in arrears". So I credited buyer for 6 months of 2011 taxes that they will pay in 2012. If MD bills "in advance" that could make a big difference.

Also, a NON-Conventional loan (FHA, VA, etc) might have MIP fees added to closing

Last edited by reed303; 04-06-2012 at 01:14 PM.. Reason: add MIP info
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Old 04-07-2012, 06:24 PM
 
Location: Just south of Denver since 1989
11,833 posts, read 34,462,681 times
Reputation: 8991
In Colorado, your closing cost are dependent on the:
1. type of loan you get,
2. the county you are buying in,
3. your credit score/down payment
4. what is agreed to in the purchase contract,
5. property taxes, hoa, property insurance prorations,
6. add any Paid Outside of Closing (POC) items like appraisal, inspection, repairs & survey
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