Types
of Agents
How
to Select an Agent
Prequalified
or Pre-Approved
7
Reasons to buy a home
Moving
with Teenagers
How
to Find a Home
50
"Things To Watch"
when viewing a home
9
Types of Loans You Should Know
What
is a Sales Contract
Finding
Quality Inspectors
10
Ways to Ascertain a Down Payment
How
Lenders Approve Loan Applicants
Definitions
of Closing Costs
|
Buyers' Resource Section:
Definitions of Closing Costs
Closing, Settlement, and Escrow are all terms used to describe the
act of closing a home sale. In particular the meeting between lenders,
buyers, sellers, agents, local government officials, and any personal
legal teams involved in the transfer of a title to a property. Closing
costs are imminent to any home deal. Here is a list of ordinary
closing costs.
- Loan Organization Fee: This fee is usually equal to 1% of
your mortgage.
- Discount Point(s): Each point is also 1% of your mortgage.
- Assumption Fee: Cost incurred to transferring current mortgage
to your name.
- Cost of Title Search: Mandatory to ensure you are buying
the property from the current owner.
- Lender's Title Insurance Fee:
- Survey Fee(if Applicable): The cost of surveying your property
if not done already.
- Transfer Tax: State and/or Local taxes, stamps etc. for property
transfer of ownership. This fee is sometimes split among the
buyers and sellers.
- Lender's Appraisal Fee:
- Recording Fees: Cost of turning closing documents into public
records.
- Prepaid Mortgage Interest: Interest due between your first
payment and closing.
- Prepaid Mortgage Insurance Premium: First payment
- Homeowners Hazard Insurance Premium: First Payment
- Property Tax Escrows
- Lawyer's or escrow company's fee
Your agent should give you a rough estimate on the
total amount due at closing. However, this is a good time to bring
a little extra with you just in case.
|
Cari Pemberton- A.S.P.
Colorado Springs Real Estate
Direct: 719-338-9677
Contact Cari |
 |
© 2007 TopRock Internet
The information contained on this Colorado Springs real estate site is
deemed reliable, but not guaranteed and does not constitute an offer to
sell. Prices, availability and other Colorado Springs real estate information
is subject to change without warning. |
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