Looking For A Home Loan? Here's How To Begin...We'll Provide You With News, Information, Resources And Articles About Loans. We'll Cover Home Loans, Mortgages, Second Mortgages, Home Equity Loans, And Refinancing. As
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Hot Topic: Tips On Getting Your Mortgage Loan Approved
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How Choosing The Wrong Loan Program Can Wipe You Out
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7 Critical Questions You Must Answer Before Refinancing
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Insider Secret: 3 Things Your Lender Will NEVER Tell You
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Home.LoanBegin.com
Presents Hundreds Of Articles, Tips, And Resources About
Home Equity Mortgages, Refinancing Home Mortgages, And Home Mortgage
Loans! Updated Daily.
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Mortgage Loan Tips.
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Why some people almost always get the lowest interest rate on their mortgage - for the least points - and No Junk Fees!
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Home Buyer Defense Guide.
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Real estate insider advice to help homebuyers avoid common mistakes when buying a home.
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Mortgage Secret Codes Revealed.
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A step by step guide on how to take control of the mortgage process and also How to beat the brokers and avoid mortgage ripoffs. |
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Real Estate Investors - Don't Close Your Eyes To Closing Costs.
Author: Lothar
When buying or selling real estate closing costs can come as
a shock. Here's an explanation of the various expenses:
Down Payment
Most lenders require a down payment of from zero to 20% for
a normal home purchase.
Lender's Loan Origination Fee
Government regulations allow 1% origination fee on FHA or VA
loans. Conventional loan fees can vary from 1 to 3 points or
more. A point is 1% of the loan.
Appraisal Fee
About $300-$500. Non refundable.
Credit Report
$50-$60. Non refundable.
Tax Service Fee
In some areas a charge of approximately $75 by a tax service
company to verify to lender that taxes are actually being
paid.
Assumption Fee
Fee of approximately $250 up to 1% of the loan balance charged
by existing lender for permission to assume existing loan.
Pest Inspection Fee
A fee of $100 - $175 is charged for inspecting property for
wood destroying organisms (termites). Customary for the seller
to pay.
Optional Fees
At buyer's option: property inspections that cover foundation,
electrical, plumbing and overall construction at a cost of
$300-$400. Roof inspections cost $75-$125. Geological reports
about $100. Septic $200-$400. Radon $50-$100. Asbestos
$75-$125.
Title Insurance
Cost determined by a rate chart and is based on the loan
amount.
City Transfer Tax
Imposed within the corporate limits of some cities.
The VA does not allow the veteran buyer to pay any portion of
this cost.
Miscellaneous Costs & Fees
$150 should cover notary, recording documents, endorsements, etc.
Hazard/Fire Insurance Reserve
Two month's premium is usually collected for the impound account
if required. Paid by buyer.
Prepaid Interest
Interest must be paid from close of escrow to 30 days prior to
the first regular mortgage payment.
Mortgage Insurance
Required on all conventional loans greater than 80%.
Cost ranges from about 1/2% to 1% per year. 14 months premium is
collected in advance. For benefit of lender in case of default.
Tax Impounds
When new loan is going to have an impound account, lender will
require from 2-10 months taxes be deposited in impound account.
If taxes are prorated, buyer's total charge for taxes should
equal about six month's taxes.
Escrow Fee
$750-$2500, depending on the sales price. Can be paid by buyer,
seller or split. Everything is negotiable.
We have listed examples for typical closing cost. Closing
procedures and costs vary from area to area.
Your real estate agent and loan agent can provide estimated
closing costs. Don't neglect to add them to all the other
costs of buying real estate when determining the affordability
of a property.
About The Author
Mark Walters is an investor and author. You can find his
published material at http://www.CashFlowInstitute.com
http://cfiblog.blogspot.com/
Article Keywords:
Home Loans
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As you may know, I have a very deep passion for real estate and mortgages. In
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