Marina District San Diego property comes at a premium price for home buyers, but a common question that is asked is "What are typical closing costs?" Remember, a lender will disclose a good faith estimate of all settlement costs and the title company will tell you the required amount at closing. Here are some costs to be aware of:
*Your downpayment of the property's purchase price
*Loan origination fees
*Points, or loan discount fees, you pay to receive a lower interest rate.
*Appraisal fee
*Your credit report
*PMI,or private mortgage insurance premium
*Insurance escrow for homeowners' insurance, if being paid as part of the mortgage
*Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance and taxes for you.
*Deed recording fees.
*Title insurance policy premiums
*Survey
*Inspection fees, termite, building, etc.
*Notary fees.
*Prorations for your share of costs, such as utility bills and property taxes. Concerning prorations, because such costs are usually paid on either a monthly or yeasrly basis, you might have to pay a bill for services used by the seller before they moved. Proration is a way for sellers to pay you back or for you to pay them back for bills they may have paid in advance. For example, the gas company usually sends a bill each month for gas used during the previous month. A word about San Diego taxes, too. Remember "NDFA"- these letters tell you when taxes are due here. November taxes are due and December they become late, as well as being due in February and late in April. Prorations of taxes in closing costs may be tricky, so have an escrow officer explain it to you.
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