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closing costs: Paying Points to Buy Down the Rate on a Loan - 10/21/08 04:40 PM
Many buyers are perplexed by the concept of points.   While some lenders abuse points and use them to overcharge uneducated buyers, the concept of paying points to buy down the interest rate for the purpose of saving money is hardly predatory.  Some loans may require at least one point to be paid because of reasons such as high risk factors or low loan amounts (or both), but most buyers with excellent credit who are purchasing a primary residence have the option of paying points to obtain a lower interest rate, which could save thousands of dollars depending on how long a buyer keeps the home.  … (4 comments)

closing costs: How Much Are Closing Costs? - 10/14/08 12:31 AM
One of the first questions most buyers ask me is "How Much Are Closing Costs?".  And I've heard many real estate and mortgage professionals make general statements that closing costs are "X percent of the sales price".   Quite often, borrowers plan to ask the seller to pay closing costs without even knowing how much they will cost.  Or they make assumptions of how much they will be based on these misguided and oversimplistic generalizations.   
The truth is that the dollar amount of closing costs as well as their percentage relative to the sales price of a property depends entirely on two things:
The … (8 comments)

 
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John Jones

Dallas, TX

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Texas Urban Living Real Estate

Address: 5706 E. Mockingbird Lane Suite 210, Dallas, TX, 75206

Cell Phone: (972) 978-3553

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