A Credible Source a Land Loan Adjustable Mortgage Adjustable Rate Mortgage Adjustable Rate Mortgages Advantages Amenities Anatomy Mortgage Apply For a Home Loan Apply For a Loan Online Apply For Loan Online Applying home loan Approval Approval Home Loan ARM Arm Mortgage ARM program Avoidable Mistakes Bad Credit Bad Credit Home Loan Bad Credit Home Loan Lender Bad Home Loans Balloon Mortgages bank Bank Housing Loan Bank of America Bankruptcy Barclays basics Mortgages Benefits of FHA Loans Best California Mortgage Rate Refinance Best Home Loan Best Home Loan Rates Best Mortgage Refinance Calculator Best Place To Refinance Your Home Broker Buying A Home Calculator Amortization Cargo Cash Out Mortgages Cash Real Estate Cash-out Mortgage Refis Cash-Out Refinance Cheapest Rate Home Loan Claim Tax Benefits Closing Closing Cost of Mortgages Closing Costs Attached Closing Costs For a House Company Compare Compare Home Loans Compare Lending Mortgage Compare Loan Control Costs Countrywide Countrywide Home Loans Credit Credit Check Credit Grade Credit Inquiries Credit Profile Credit Recommendations Credit Report credit score Credit Scores Home Loan Current Mortgage Lender Debt Consolidation Debt Consolidation Loans Debt Refinancing default Mortgage Different Types of Home Loans Direct Lenders vs. Brokers Disadvantages Down Payment Elderly Day-Care Services Embrace Home Loans FAQ's Cont'd FAQs Mortgage federal home loan FHA FHA appraisal FHA Home Loan Requirements FHA loan FHA Loans FHA Refinancing Programs Finance Agen financing FIND THE RIGHT LENDER Fixed Home Loan fixed interest rate loan Fixed Rate Mortgage Fixed Rate Mortgages Fixed-Rate Mortgage Fixed-Rate Mortgages For America Express Foreclosure Foreshadow Fort Wayne Home Loan Frequalify Home Loan Future Government Home Refinancing Great Migration Greensboro Home Loan HAMP Hard Money HDFC HELOC Helpful Hints Helpful Information Hme Loan Hom Loan Rate home Home Affordable Loan Home Affordable Refinance Program Rates Home Builders Home Buyer Home Buyers Home Buying Home Equity Home Equity Loans Home Equity Credit Line Home Equity Credit Lines Home Equity Line Home Equity Line Of Credit Tax Home Equity Lines of Credit home equity loan Home Equity Loan Basics Home Equity Loan Interest Home Equity Loan Rate Home Equity Loans Home Equity Loans With Bad Credit Home Equty Loan Home Improvement home loan Home Loan Application Home Loan Calculator Amortization Home Loan Eligibility Calculator Home Loan For Bad Credit Home Loan Improvement Home Loan Interest Rate Home Loan Investment Bank Home Loan Lines Of Credit Home Loan Modificatio Home Loan Modification Home Loan Modification Plan Home Loan Modification Programs Home Loan Mortgage Generic Home Loan Now home loan Online Home Loan Process Home Loan Programs Home Loan Rates Home Loan Repayment home loans Home loans mortgage generic Home Mortgage Refinance Home Mortgage Refinance Options Home Mortgages Home Owner Home Prices Home Purchase Home Refinancing Homeowners Homeowners Refinance Homes For Sale House Loan For Mortgage Housing Housing Collapse Housing Counseling Housing Finance Agency How To Shop Low Rates IBISWorld Increasing Indian Bank Home Loan Influence Your Home Advantage Loan Cost insurance Interest Rate Interest Rates International Investing Requirements Investment Property Loan IRS Jumbo Loans Lawyer Lender Mortgage Private Lending Level Limit Limited Cash Out Mortgage lines of credit loan Loan Application Loan Calculator Loan Comparison Loan For Home Loan Modification Loan Process Loan Zone Loans Low Down Payment LowEnd Manufactured Home Loans Master Mistakes Mobile Home Loan Modification Modification Program Modification Program Process Morgage Mortgage Mortgage Application Mortgage Basics Mortgage Broker Mortgage Calculator Refinance Mortgage Calculator Refinance Breakeven Mortgage Calculators Mortgage Closing Statement Mortgage Companies mortgage compare interest rate Mortgage Financing Mortgage Insurance Mortgage Interest Rates mortgage lenders mortgage lending mortgage loan Mortgage Loan Debt Mortgage Loan Process Mortgage Loan Programs Mortgage Loan Programs Cont'd Mortgage Loan Refinance Mortgage Loan Refinances Mortgage Programs Mortgage Rates Mortgage Rates Refinance Mortgage Refinance Mortgage refinance home Mortgage Refinance Loan Mortgage Trends Mortgage Types Mortgages Mortgages Loan Mortgages Programs Moving Moving Tips Named Nationwide Personal Home Loans Negotiating No Credit Check Mortgage Loan No upfront Fee Online Loan Shopping Online Loan Shopping Tips Overcoming Partner Payment Payment Ease Program Personal Loans Physician Home Loan Pre-qualifying Price Property Appraisal Property Taxes Purchase A Residential Home Quick Rate Quotes Real Estate Real Estate Settlement Procedures Act Refi Refinance refinance home - refinance mortgage Refinance Home Loan Quotes refinance mortgage Refinance Mortgage Hurdles Refinance Mortgage Interest Rates Refinance Your Mortgage Online Refinancing Refinancing Equity Loans Refinancing Mobile Home Refinancing Mortgage Requirements RESPA Restructure Reverse Mortgage Rules Saving Money on Your Mortgage Scandal Second Home Owner secured loan Securing A Home Improvement Loan Sierra Home Loan Slowdown standards Success Take Over KPR 2018 Tax Benefits Tax Deductible Tax Law tighten Tips type of application fee Types UK Home Loans Unsecured USDA Home Loan VA home loan VA Home Loan Program VA Loan VA loan pre-approval VA mortgage checklist VA Mortgage Loan VA Streamline Loans Values Variable Home Loan Wells Fargo Wells Fargo Home Loan Modification Wells Fargo Home Loan Modification Tips World Bank Zero Balance Program

9. Mortgage Basics - Don't Forget Closing Costs

Don't Forget Closing Costs:

In addition to the down payment, monthly payment, real estate tax, home owners insurance, and possible PMI, there are also one-time closing costs that can add up to a considerable amount by the time you finish negotiating your mortgage deal. That translates to between $3,000 and $6,000 on a $100,000 home. Sometimes you can get these costs waived or reduced, but expect to pay a higher interest rate for a mortgage with little or no closing costs. Be sure to have enough to cover these additional costs, which typically amount to between 2 and 5 percent of the home's purchase price.


Good Faith Estimate:
The closing costs are outlined in a good faith estimate. By law, lenders are required to give you an estimate of these costs within three business days of your application. It will list expenses related to inspections, taxes, title insurance and a host of other charges (outlined above). In addition, you should also receive an information booklet, "Settlement Costs - a HUD Guide". Obtain a good faith estimate from each lender to save time and to use as a comparison when shopping between different lenders.

Here is a list of some major closing costs:
  •     Loan-application fees and credit report
  •     Escrow fees
  •     Property appraisal
  •     Title insurance
  •     Property taxes
  •     Attorney fees
  •     Survey
  •     Points and Origination Fees
  •     Prepaid loan interest
  •     Recording fees
  •     Transfer taxes
  •     Recording fees
  •     Mailing/courier/notary fees

Title Insurance:
Title insurance protects you and the lender against the risk that the house you are purchasing is not legally owned by the seller. It checks for any defects, liens or encumbrances in the property title that may affect the rights of ownership, possession or use of the property. Separate title insurances must be issued for both the lender and yourself. Owner's title insurance is optional, but lender title insurance is included in the closing costs. Depending on your home's purchase price, this insurance can cost between several hundred and several thousand dollars.

Escrow fees: These costs cover the additional costs associated with buying a home, such as private mortgage insurance (PMI), homeowner's insurance and property taxes. This insures that taxes and insurance fees are paid on time. Escrow fees can range from several hundred to several thousand dollars depending on the purchase price of the home. Some lenders may be willing to waive escrow fees in exchange for charging you a higher interest rate or more points. Beware of additional charges that may not seem familiar.

Cost-Saving Tips:
  • Negotiate with the seller of the property to help pay for some of the closing costs or other fees.
  • A real estate attorney is required to represent you with the seller. An attorney is also required to close the mortgage when dealing with the lender. By choosing one attorney that can perform both duties, you may be able to save hundreds of dollars.
  • Additionally, you may also be able to save money if you try to close on or near the end of the month. Because all mortgage loans are due on the first of the month, you pay interest from the day you close until the end of the month. By closing at the end of the month, you can reduce the amount of interest you have to pay.

Posting Komentar

[blogger][facebook]

Author Name

Formulir Kontak

Nama

Email *

Pesan *

Diberdayakan oleh Blogger.