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
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
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
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!!!