closing costs: “No Closing Costs” Loan? Think Again. - 01/23/12 12:16 PM
“No Closing Costs” Loan?  Think Again.
I recently had two clients opt to use an online lender rather than me for their financing.  The reason?  They believed they were going to get a VERY low interest rate AND pay “no closing costs”.  That’s right.  Gonna buy a home with nothing more out of pocket than the down payment!
I explain to clients that, with extremely rare exceptions, the only way to avoid or minimize closing costs is through the lender credit associated with the interest rate.  The higher the rate, the higher the borrower’s credit for closing costs. 
Face it—the title … (5 comments)

closing costs: What It REALLY Costs to Get a Mortgage - 11/28/11 06:29 AM
What It REALLY Costs to Get a Mortgage
Recently, I have had a few clients be shocked at closing cost quotes I have given them.  On each, I went back and checked my numbers very carefully and, yes, the quotes were right!  The client just didn’t realize that there were many costs associated with a home purchase! 
No one wants any unpleasant surprises that involve money!  So, here is some information on closing costs to help you better prepare for a home purchase.
In addition to a down payment, home buyers should anticipate these possible costs:
Home Inspection
An inspector will … (3 comments)

closing costs: 3.5% Buyer Assistance on FNMA HomePath Properties Extended to 10/31/11! - 04/11/11 10:44 AM
Beginning April 11, 2011, Fannie Mae is offering up to 3.5% in closing cost assistance on HomePath properties.
Here is what you need to know:
-The initial offer on a property must be submitted on or after April 11, and close by June 30, 2011 October 31, 2011 (deadline extended). -Available only to buyers who will occupy the property as their primary residence. -Buyers will be required to sign an Owner Occupant Certification Rider. Don't wait to take advantage of this great opportunity!  Contact your agent for information on Fannie Mae owned properties or check out the Fannie Mae list of … (0 comments)

closing costs: Zero Cash = Zero House - 03/11/10 10:09 AM
Zero Cash = Zero House
I'm seeing an odd phenomenon of late.  I talk to folks interested in mortgage financing and ask, "Do you have funds available for a downpayment and the closing costs?"  Increasingly, the answer is, "No."  I wonder where they got the idea that they can buy a home with no available cash.  Granted, USDA Rural and VA offer 100% financing but these programs benefit a very limited amount of buyers.
Okay, you counter, what about seller concessions for costs?  With multiple offers on listings, sellers are not very motivated to give concessions.  Realtors don't want to ask … (5 comments)