Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
Closing Costs When Buying A Home > NetSparsh - Viral Content you Love & Share

Closing Costs When Buying A Home

Closing costs are often the last thing a person thinks of when buying a home. While closing is the joyous moment the home becomes yours, the costs can be surprisingly aggravating.

When you purchase a home, condo or other property, you will go through a period known as escrow. During escrow, various issues related to the property transfer are worked out. The last day of escrow is known as the closing day and you are going to be paying closing costs.

Closing costs come in many forms. Some involve significant dollars while others are relatively painless. Here's a list of typical costs:

Escrow Fees

An escrow agent is essentially a third party that works with the seller and buyer to finalize the transaction. For this assistance, the escrow agent will charge a fee. Depending on your area and the agent, you can expect fees from a few hundred dollars to around a thousand or so. Make sure you find out the fees before picking an escrow agent.

Home Loan

Obtaining a home loan in the current market is a highly subjective event. "Points" can be a major cost associated with home loans. Points are essentially a fee you pay or have build into the loan for the privilege of being allowed to borrow money. A point usually equates to 1% of the loan. On a loan of $300,000, one point would equal $3,000. If you have excellent credit, you can shop for a loan that doesn't require you to pay points.

Home and Title Insurance

Insurance for your home and title are a must. If you are borrowing money to purchase the home, each is mandatory. If you are using your own funds, you should still get both forms of insurance. As each name implies, they provide insurance against issues involving your home and problems with the title transferred to you. You want to have clear title.

PMI

Private Mortgage Insurance, "PMI", is mandatory if your down payment is less than 20% of the purchase price. You can expect to pay a few hundred dollars a year in PMI. Inspections, Appraisals and Miscellaneous Fees

In the home purchase process, you are going to use a variety of services to validate the property is your dream home. These services come with fees and you can expect to pay for home inspectors, appraisers and the like. Depending upon the state you live in, many of these fees may be built into your mortgage. Nonetheless, you need to know exactly what you must pay for on closing day so you can budget accordingly.

Closing escrow should be one of the happier days in your life, particularly if it is for your first home. Make sure you know the costs associated with it so you don't have to spend the day running around borrowing money.

Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Arizona State University

ASU real estate expert questions value of cutting housing benefits in House tax bill
Arizona State University
ASU Now spoke to Mark Stapp, director of the Center for Real Estate Theory and Practice at Arizona State University's W. P. Carey School of Business, to gain a better understand of the bill's short- and long-term impacts. Among his observations of the ...
How will Trump's tax plan affect real estate here?Half Moon Bay Review

all 785 news articles »

PGH City Paper

Why can't local homeowners include “green” attributes in real-estate listings?
PGH City Paper
The Real Estate Standards Organization (RESO), which provides technical support for the industry, has created standardized ways to list green info; CEO Jeremy Crawford says half of the nation's 700 MLSs utilize green fields, a cohort that encompasses ...


Wall Street Journal

Bitcoin Is Creeping Into Real Estate Deals
Wall Street Journal
The real-estate industry is taking its first steps in adopting cryptocurrencies and the technology that backs them in what could eventually produce important changes in the way property is bought and sold. While noticeable differences might be years or ...


WKRN.com

Fake real estate agent scams family out of entire savings
WKRN.com
RIO RANCHO, N.M. (KRQE) – Faith Kerns couldn't wait to move into a house with just her and her boys. She found a great place in the school district she wanted, but she trusted someone who turned out to be a scam artist. “It was heartbreaking when my ...


End of net neutrality could spell doom for real estate small businesses
Inman.com
In a sweeping rebuke to internet companies and consumers, U.S. Federal Communications Commission Chairman Ajit Pai on Tuesday released a plan to repeal so-called “Net Neutrality” regulations, a move with far-reaching implications for mom-and-pop ...

and more »

Local business owner accepted into Forbes Real Estate Council
Summit Daily News
The owner of Dwell Summit Real Estate, Tanya Delahoz, has been accepted into the Forbes Real Estate Council, an invitation-only community for executives in the real estate industry, according to a news release. Dwell Summit Real Estate is a boutique ...


Why is real estate startup funding on the rise?
Inman.com
According to Crunchbase, between August 2016 and August 2017 a total of 111 real estate startups secured over $502 million in early stage equity funding. So why is the real estate industry becoming a popular playing field for venture capitalists? That ...


Pacific Business News (Honolulu)

Hawaii hotel real estate market buoyed by 7% boost in RevPAR
Pacific Business News (Honolulu)
Hawaii's hotel real estate market this year has been buoyed by a 6.6 percent increase in revenue per available room during the first three quarters, compared to the same period last year, exceeding the increase in the national average by nearly four ...


Hamilton Journal News

Unique real estate options plentiful in Hamilton - Dayton Daily News
Hamilton Journal News
Hamilton historic home gems can be found inexpensively.

and more »

Bloomberg

Harvard Is in Talks to Have Bain Manage Real Estate Assets
Bloomberg
The Harvard team is overseen by Daniel Cummings, who was hired in 2009 and previously worked for Carlyle Group LP and a division of Jones Lang LaSalle Inc. Cummings oversaw the creation of a portfolio of direct real estate investments in which Harvard ...

and more »
Google News

Real Estate Investing - The Dream House Effect

Several years ago I developed a philosophy in renovating houses... Read More

If You Cant Afford to Retire...Move

According to Warren Bland, PhD, an award-winning author and geographer... Read More

Landlords Dance The FICO Fandango

Fair Isaac Corporation is the creator of the FICO credit... Read More

Preserve Equity, Build for the Future Using a 1031 Tax Exchange

Thinking of trading up on an investment resort property? If... Read More

Real Estate Lease Option Danger

Why are real estate investors having so much success offering... Read More

3 Strategies For Buying Property With No Money Down

Everyone has heard a story or read about someone who... Read More

Peace of Mind for Home Inspections: Choose the Right Inspector!

As sure as the spring flows at The Fountain of... Read More

Real Estate Professional in the Palm of Your Hand

GETTING THE MOST FOR THE LEASE-TRACKING YOUR REAL ESTATEIf you... Read More

Why A Final Inspection Is Necessary

In the sales contract, the sellers of your new home... Read More

Negotiating A Short Sale ? The High Road to Huge Foreclosure Profits

Buying foreclosures can be extremely profitable for real estate investors.... Read More

Buying Property in Spain

You have made the decision to move to Spain and... Read More

Much Ado About Mansionization?

Is there a perpetual shadow hovering over your house? Do... Read More

Buying A Home ? Rain, Sun, and Weather Issues

When buying a home, it can be easy to overlook... Read More

Investment Property - Leveraging Rental Property Equity

Owning investment property is a tremendous wealth building strategy. Thousands... Read More

Title Insurance Protects Your Financial Investment

You purchase homeowners insurance to protect yourself financially in case... Read More

Buying Property in Portugal

Portugal has long been a popular choice for people, particularly... Read More

Before Selling Your Home

Here are some important steps you should take before you... Read More

Realty Agents: Don?t Ask Don?t Tell?

Real estate stories radiate from the water cooler and cocktail... Read More

The Perils of the Property Ladder: Has Anyone Noticed the Silence?

There was a time when every conversation was focussed on... Read More

Buying Land For Development Requires Careful Planning and Execution

From the desk of Colm Dillon ... Author "Residential Development... Read More

Timing Clauses Stop Sellers From Inciting Bidding War

It is no secret that the current real estate market... Read More

How to Build a Real Estate Investing Power Team

As you continue to read about real estate investing, you... Read More

Legal Information About the Real Estate Contract

The conclusion of final agreement between a seller and a... Read More

FSBO: For Sale By Owners Chapter IV [part 1]

Like a monarch, Red Haring reigned in the deep leather... Read More

Real Estate Investing with Bad Credit!

By being creative, you can play the game of real... Read More