Buyer Resources - Articles

Buying Your Home - Escrow & Closing Costs

How can I save on closing costs?
Studies show that the closing costs, which can average 2 to 3 percent of a total home purchase price, are often more costly than many buyers expect.
* Shop around for the best loan deal. Each direct lender and each mortgage brokerage has their own fee structure. Call around before submitting your final loan application.

Who pays the closing costs?
Closing costs are all of the fees and expenses associated with the closing or settlement of a real estate transaction, they traditionally belong to the buyer, however they can be negotiated into the loan and shared with the seller.

What are closing costs?
Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include upfront loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. Unless, these charges are rolled into the loan, they must be paid when the home is closed.

Where do I get information about closing costs?
This information can be given to you and explained by your loan officer. 

Why do I need a title report?
A clear title report ensures there are no liens placed against the prior owners or any documents that will restrict your use of the property.  A preliminary title report provides you with an opportunity to review any impediment that would prevent clear title from passing to you.  When in doubt ASK QUESTIONS!!!

Stefanie Henry
Stefanie Henry