| Whether you are buying a new home
or refinancing, closing costs will hit you at
the end of the transaction. Many buyers who have
focused their attention on their down payment have
been surprised and unprepared for miscellaneous
closing costs - sometimes as high as 4 percent to 5
percent of the purchase price.
Make sure that you receive several
closing-cost estimates from your real estate agent
or broker during your process of buying a home. This
way you can keep track of how much extra cash you
will need to have on hand before making an offer.
You also can get estimates from online Closing
Cost Estimate Calculators at various web sites such
as this one:
Mortgage Investments
- you may also do a search online for "closing
cost calculator' -
Closing costs can be broken down into three basic
categories:
Lender / Broker Fees
Administration, application, commitment, document
preparation, funding, mortgage broker or lender,
processing, tax service, underwriting, wire
transfer.
Third-Party Fees
Appraisal, attorney or settlement, credit report,
flood certification, pest and other inspections,
postage/courier, survey, title insurance, title
work.
Government Fees
Recording, city/county/state tax.
Understanding these fees and having an up-to-date
estimate will allow you to be more confident of
moving forward with the purchase of your new home.
Be sure to review the companies we list in our Home
Loan section to either find your Loan or to
Refinance.
Click here if you have Bad credit or No credit.
If you have Fair to Good credit -
click here. |
