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Breaking Down the Numbers for Indianapolis Closing Costs
Even before you are presented with the sheaf of paperwork that accompanies the signing of your first mortgage, if you are an Indianapolis first-time home buyer, you will have already learned about closing costs—the fees and charges that pay for various parts of creating the mortgage loan. Included in closing costs are sums that can vary from inconsequential (chump change) to head-turners (“whaaaat th-?”). You’ll want to be prepared in advance for what the line items cover.
That’s where the “Good Faith Estimate” comes in. It’s a detailed document that is issued in advance; it’s a heads-up that estimates closing costs you’ll pay when you buy your new home. The GFE varies considerably from one lender to another although the overall costs tend to be more predictable. It’s easier to think of closing costs as falling into two general classifications—here’s a non-exhaustive listing of what each may contain:  
Prepaid Closing Costs 
insurance real estate taxes   prepaid interest   private mortgage insurance  These charges are collected to fund payments that will become due at various times throughout the life of the mortgage. Funds are generally paid into a temporary pass-through account (the “escrow account”) that gets things going—later, you’ll find ... more

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