Congratulations on taking a step toward home ownership but before you seal the deal let me share what most Real Estate Agents won't share with you.
Are you trying to guess what fees are you going to end up paying, do you want to know what they are, would you like to know if there is a way to avoid these fees? Then this ad article is just for you.
Please beware that when you buy a house you need money on hand for both the down payment and the closing costs. Closing costs are the various fees that are accrued during the buying of a house. The closing fees include things like:
The fee the lender charges for processing the loan for the home.
the fee for the paperwork charged by the title company.
Survey fees, fees for the local governmental office for recording the deed
Other miscellaneous fees that are required to seal the deal.
The fee amounts that one has when they close for a home depends on the house that was purchased. The range is usually from 1% to 8% of the house price. The normal fee range is between 2% and 3% on a house deal that is closing. These fees are significant and can add up if you put a down payment down also. It is recommended when you meet with a lender that they give you a ìGood Faith Estimateî before you even do anything.
This will give you a ballpark figure of what you can expect with all the fees that go into the buying the home process. It is the lender that will actually give you an accurate estimate of your closing costs based on a house you want to buy. Don't forget real estate practices and fees do vary state to state.
Where you will reside will determine the fees you pay in accordance with the laws of that state. You want to make sure you have a good broker to help you with the home buying process: including guiding you with the closing. If you have a bad or incompetent broker and the interest rates are way too high the bank will give your broker a kick back called a Yield Spread Premium. To avoid this you want to shop around for a deal that is suited for your needs.
If on the Good Faith Estimate you See a Yield Spread Premium you may want to negotiate or go elsewhere to see if you can get a better deal first. If for some reason you do not have enough money for the closing costs you can do what they call a ìRoll the costs into the Mortgageî. What this means actually is that the closing costs are added to the Mortgage. It is added to the monthly payments until it is paid off. This is good to do only if you are short on cash only after making your down payment.
P.S. Check with your lender and find out if there are any programs that you might be eligible for fees that can be waived.
Text "saulmendoza" to 623-777-3851 for more information.
Author:Saul Mendoza Phone: 480-206-1792 Dated: July 2nd 2016 Views: 967 About Saul: ...
Solutions Real Estate has the Solution to all of your Arizona Real Estate needs. Veteran owned company based in Gilbert, Arizona with several offices throughout the Phoenix Metropolitan area. Currently expanding in southern California in the San Diego market.
"How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 5 out of 5
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Your most memorable moment
When, after looking at many, many possible properties, he took us to the home we purchased and made that experience go so smooth.......we needed to close in 3 weeks, which we did, and he walked everything thru quickly and all went simply great. We also had Mark Ulloa help us buy a small house so our kids could live close to us. This also was done expertly and with ease. I couldn't think of any other Realtor who could have handled our needs any better.
The moment you'd rather forget?
No. His is always on time, prepared and professional...........what more could you ask for.
We met Mark Ulloa from online ads and were trying to start the looking/buying process ahead of coming to Casa Grande to buy a house. He worked with us for many weeks, and when we came to the area and met with him, he had 5 days filled with possibilities. We were so pleased with his ability to listen and try to find what we were looking for. We did so on the 5th day. He put it all together within the 3 week time for closing etc. We couldn't have had a better experience. We have purchased homes in other states before much like this one, and can honestly say this was our best experience yet. We highly recommend Mark Ulloa and know he will give you the best service.
Not at this time, but always tell people about Mark Ulloa and our good experience with him. Thanks Sharon Logan"