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Home Mortgages
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What Are Closing Costs?
Real estate closing costs are the innumerable fees and taxes associated with purchasing and taking ownership
of a home. Depending on where you live and the complexity of your transaction they can easily add up to thousands
of dollars but are usually around 3% to 6% of the purchase price of the house.
Closing costs fall into four categories: first are the mortgage closing costs; these include charges for loan origination,
underwriting, documentation and preparation of an escrow account (a safe place to keep the money while the sale
process is going ahead). Second are third-party fees. These include charges for title search (finding proof in public
records that the seller is the legal owner of the house), title insurance (to guard against error by whoever searched
the title), flood certification, value appraisal, termite and other inspections. Third are government fees. These
cover city, county and state transfer and mortgage taxes and deed recording. They might also include prepaid property
taxes. Lastly are escrow and interest fees, including advance payments into an escrow account to cover homeowner's
insurance, real estate taxes, loan interest and private mortgage insurance (if this applies).
With such a long list of potential charges at settlement it is essential that you have some warning of what to expect.
Your mortgage lender should supply you with a ‘good faith estimate' of all your closing costs within three days
of you applying for a loan and a statement of your actual closing costs should be supplied to you at or preferably
before settlement.
What Are Closing Costs?
Guide to Lenders
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Today's low interest rates won't last forever, so take advantage while you still can. At GuidetoLenders.com, lenders will battle for your business. Get competitive loan quotes from up to four lenders, and refinance your home, or get a loan for vacations, home improvements, education and more. Consolidate all your bills into one with a Debt Consolidation loan. All credit types are OK, and there's no cost and no-obligation. |
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Home Mortgages
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Home refinancing loans can be a real godsend. When owners seek home refinancing loans
today they're looking to reduce their mortgages, receive lower interest rates from lenders, or free up large amounts of
cash. Some homeowners use refi cash to pay off debts or finance large-ticket items like college educations, home
remodeling projects, or automobile purchases |
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