|
| |
closing: 25 Biggest Mistakes - Mistake #9 - Forgetting about closing costs - 03/30/09 09:35 PM
Be aware of the costs associated with purchasing a home!
Think it's bad to pay tax when you eat out? Wait until you're paying closing costs, which can run 2 to 7 percent of the home's purchase price.
A mortgage lender should provide you with a good faith estimate of what costs will be. Keep in mind that it should include such things as origination (points) on a loan, escrow fees, title and homeowners insurance, legal costs, property taxes, fees to record your deed and notary fees.
Too many people come out from closing in shock, and they don't have too.
… (0 comments)
|
closing: 25 Biggest Mistakes - Mistake #7 - Spending money while in escrow. - 03/01/09 05:12 PM
Don’t spend money on any “Big Purchases,” (over a couple of hundred dollars), while you are trying to buy a home!!
This is a big no-no!
The reason for this is that if you are getting a loan, at the last minute before the lender funds your loan they may pull your credit again and if your credit score has changed because you have more debt or the ratios that you originally qualified under are different, you could lose the house!
So don’t buy furniture, appliances, cars, Harley’s, clothes or anything of the sort! Even if you are paying cash … (1 comments)
|
closing: New RESPA rule provides revision to the GFE (Good Faith Estimate) - 02/21/09 11:34 PM
When the Real Estate Settlement and Procedures Act went into effect in 1974 cosumers got a simplified process as well as a protection from abusive lending practices. The purpose that RESPA has according to HUD's web site is
1. to help consumers become better shoppers for settlement services by requiring that borrowers receive disclosures at various times. Some disclosures spell out the costs associated with the settlement, outline lender servicing and escrow account practices and describe business relationships between settlement service providers. 2. to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services by prohibiting certain … (1 comments)
|
|
|
|
|
|
Chris Whitehead
Bath,
OH
More about me…
HomeBuyer Experts
Address: 3075 Smith Rd., Suite 101, Fairlawn, Ohio, 44333
Office Phone: (330) 826-1282
Cell Phone: (330) 328-3170
Email Me
 Links
Archives
|
|
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2012 ActiveRain Corp. All Rights Reserved
;)
;)