Good, short, simple read on closing costs:
Via
Nevin Williams,FHA,USDA,VA broker NC,CA,OR,WA (First Priority Financial,broker NC,CA,OR,WA):
| What are Closing Costs?
 Closing costs are expenses that cover fees associated with the transfer of property ownership, fees paid to state and local governments, and the costs of obtaining a mortgage loan. Understanding how these fees are broken down will assist you in shopping for the best mortgage rates.
Some of these fees are negotiable, and could be paid by either the buyer or the seller. Some costs are one-time fees (non-recurring closing costs, such as title search, termite inspection, appraisal, etc.); while other fees such as homeowner's insurance or property taxes are things you will expect to continue to pay on a regular basis as a homeowner.
As part of the loan selection process, your mortgage consultant should be giving you some idea of how much money you should have in reserve to cover your end of these costs. The Real Estate Settlement Procedures Act (RESPA) requires the lender to provide you with a Good Faith Estimate within three days of the submission of your loan application.
RESPA also states that as a home buyer, you have the legal right to request a copy of the HUD-1 Settlement Statement 24 hours before your closing is scheduled. The HUD-1 clearly defines all closing costs, including those that are to be paid by the buyer and the seller. It's a good idea to have both of these forms before your closing so you can compare the estimated costs to the actual costs before you finalize your transaction.
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| Mortgage Interest Rates for Fixed Rate Mortgages in California* |
|
Rates as of Monday, 19th October, 2009:
Conforming Term Rate APR Payment per $1,000
|
| |
Term |
Conforming |
APR |
Payment per
$1,000 |
Jumbo |
APR |
Payment per
$1,000 |
| 30-Yr. fixed |
360 |
4.75% |
4.922% |
$5.22 |
Call |
0.000% |
$0.00 |
| 15-Yr. fixed |
180 |
4.25% |
4.545% |
$7.52 |
for |
0.000% |
$0.00 |
| 7-Yr. fixed ARM |
360 |
4.00% |
4.165% |
$4.77 |
jumbo |
0.000% |
$0.00 |
| 5-Yr. fixed ARM |
360 |
3.75% |
3.912% |
$4.63 |
& |
0.000% |
$0.00 |
| 10 Yr. fixed ARM |
360 |
4.375% |
4.543% |
$4.99 |
FHA |
0.000% |
$0.00 |
| 5-Yr. Interest Only |
360 |
3.875% |
4.038% |
$3.23 |
Rates |
0.000% |
$0.00 |
|
|
| *Rates are subject to change due to market fluctuations and borrower's eligibility. |
| Certain credit requirements and other conditions apply. This is not a guarantee to lend. Rates based on a 12 day lock period and a minimum loan amount of 185,000. Credit determination must be made prior to approving rate. Equal opportunity lender. CA DRE Lic.#01366552 FPF CA DRE Lic#00654852 Nevin's NC Lic#I139451 First Priority Financial NC Lic# B-146523-101 OR ML3337 WA 510-MB-30588-51099 |
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Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review.
Calculators, current rates, buying a home, refinancing, VA, FHA, USDA, Conventional and Jumbo loans.
We are a mortgage broker servicing North Carolina, California, Oregon and Washington.
Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more.
Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise!
Send us an e-mail with the city and state. nevin@nevinloans.com
You may also call us at (888) 206-5781 My extension is 1017
Nevin's NC Lic#I139451 First Priority Financial NC Lic# B-146523-101
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