Closing costs have become such a debated issue but in essence closing costs are really the same no matter what. It is unfortunate though that many people in the industry abuse it and sometimes mislead the client and that creates the misconception of closing costs. Then you have the no closing costs or no points loans when in essence you are getting the no cost loan by accepting a higher interest rate and over the life of the loan you'll probably pay the closing costs or points 4 times over.
Typical closing costs for a buyer are.
Termite Inspection (if required by the lending bank)
Appraisal Fee
Attorney Fee
Origination Points (1 point = 1% of the loan amount)
Title search
Title Insurance
Mortgage Tax (if applicable in your state)
PMI (on a conforming loan over 80% financing)
Banks Attorney
Homeowners insurance
Escrows (if creating an impound account for property taxes and insurance)
per diem interest (money on interest borrowed for the remained of the month. i.e you close on the 16th of the month, so you will need 14 days interest to the bank).
Those are the typical closing costs, title insurance is a buyers expense. Ofcourse it can be negotiated where the seller pays some or even all of the buyers closing costs and that's known as a sellers concession or seller assist but it must be noted in the sales contract, as well as in the loan and appraisal in some cases.
Mortgage tax can be as low as 0.32% in Florida or as high as 1.75% in NY. Some states have none, some states don't require a bank attorney at closing.
Your best bet is to contact a title company in your state and get a list of the state closing costs.
Usually I tell clients to estimate anywhere from 4-6% of the loan amount as their closing costs.
Sellers should pay closing costs in Michigan. However, this is not a law by any means. Sometimes the sellers will offer to pay half, or they may expect the buyers to do it.
"Closing costs" are highly variable depending on rather a lot of factors, including location (some of the costs are govenment fees, like excise taxes and recording fees). Your real estate agent should be able to answer this question for you in your particular case.
One of the ways that someone can avoid paying closing costs on a home equity loan is to have the costs added to the loan amount. The drawback to this is that the length of the loan may be longer and the monthly payments may be higher.
The typical closing cost to refinance a home can vary depending on the region and type of home. In general however, one can expect to pay about 1000 to 2000 dollars.
Everything is negotiable. In the US, the closing costs are mostly a buyer expense. The Seller has some closing costs such as commission to a listing agent if one is used, deed preparation, and revenue stamp fees charged by the state or locality. Often the buyer will have the seller pay a portion of closing costs to conserve cash, while paying a slightly higher price. Many large builders are also in the mortgage business and pay some closing costs to have another revenue stream.
Sellers should pay closing costs in Michigan. However, this is not a law by any means. Sometimes the sellers will offer to pay half, or they may expect the buyers to do it.
"Closing costs" are highly variable depending on rather a lot of factors, including location (some of the costs are govenment fees, like excise taxes and recording fees). Your real estate agent should be able to answer this question for you in your particular case.
One of the ways that someone can avoid paying closing costs on a home equity loan is to have the costs added to the loan amount. The drawback to this is that the length of the loan may be longer and the monthly payments may be higher.
A no closing cost loan saves you from paying a lot of money up front with closing costs, however, you will have a higher interest rate. A personal loan requires no collateral for the loan.
The typical closing cost to refinance a home can vary depending on the region and type of home. In general however, one can expect to pay about 1000 to 2000 dollars.
Everything is negotiable. In the US, the closing costs are mostly a buyer expense. The Seller has some closing costs such as commission to a listing agent if one is used, deed preparation, and revenue stamp fees charged by the state or locality. Often the buyer will have the seller pay a portion of closing costs to conserve cash, while paying a slightly higher price. Many large builders are also in the mortgage business and pay some closing costs to have another revenue stream.
Call East West Mortgage to find out about the policies regarding closing costs. Every lender has specific policies about closing costs, what is included and how the fees are handled. If you are considering a refinance with East West, you should phone them and get the information straight from the source.
Closing costs are usually more at a bank. They differ for different credit scores, different loan companies, and different loan officers. The loan officers have ways of adding fees on the back end of the loan where you never see it, but you do end up paying it. There is no set fee for closing costs. Shop around. bob...
No, closing costs are fixed cost that include legal fees, escrows, title insurance, inspection costs, etc. etc. You may be getting charged points and by the sounds of it paying too much. I suggest you find a way to contact me. 4lifeguild.com
Usually your closing costs are put in an escrow account and paid shortly after the close of sale.
As a rule, closing costs to buy a new home are about 2 to 4 percent of the purchase price. Closing costs are to pay for items such as inspections, recording fees, and title insurance policies.
No, prior to the closing, the attorney or title company should have all the information in regards to all costs in buying the home. At close, everyone will be given a HUD/Settlement Statement--the left side will list all costs pertaining to the buyer and on the left all costs pertaining to the seller. If the seller is paying some or all your closing costs the title company/attorney will show your costs on the seller side. In other words, you will get credit at the close. Depending on the state in which you live and the type of loan you are doing, the seller is limited to a certain amount that they can pay. Normally you will not be reinmbursed by the seller after close if the seller offered to pay more than they were allowed.