real estate closing costs: What The Heck Are Closing Costs? True Story!
- 08/13/20 07:01 AM
What are closing costs when buying a home? If you are planning to buy a home now, or in the next few months, there are some fees and expenses you’ll need to pay in addition to your down payment that you should know about. Below, I share a story about how a buyer learned all about closing costs (the hard way!). Real Estate Closing Costs Explained Other than your down payment, all money you spend when you buy a home are called “closing costs,” and you should know about them ahead of time. Even experienced buyers can be surprised at all the costs that … (46 comments)
real estate closing costs: Video FAQ: What Are Real Estate Closing Costs
- 08/13/11 12:07 PM
One of the most often asked questions that we receive at the Tallahassee real estate blog is "what are real estate closing costs?" Variations include "who pays for what?, how much are real estate closing costs?", etc. Rather than write a long-winded post, I have prepared a video that is part of our Real Estate FAQ site that explains real estate closing costs and what both home sellers and home buyers should be prepared to pay. Look closely for the video, for some reason it is invisible ... :) What Are Real Estate Closing Costs If you have any other questions … (0 comments)
real estate closing costs: RESPA Rocks REALTORS® Routine
- 10/16/09 12:56 AM
Congress enacted the Real Estate Settlement Procedures Act (RESPA) back in 1974 in order to address problems in the real estate settlement process. It seems that Congress felt that they could legislate fair business practices and reduce fees and costs to home buyers through enlightenment about the settlement process and the associated costs that go with buying a home. RESPA’s mission is to provide consumers with information relevant to the mortgage transaction and the various costs that will occur. The hopes in founding RESPA was that many of the various kick-backs and referral fees, once identified and disclosed, would be … (8 comments)
real estate closing costs: How To Decide Whether Or Not To Pay For Mortgage Discount Points
- 08/24/09 11:18 PM
When it comes to comparing interest rates for a mortgage loan, home buyers often have the option of choosing a loan with a lower interest rate by paying discount points. Simply put, discount points are fees charged by the lender to reduce (discount) the interest rate charged to the borrower. A point is equal to 1 percent of the loan amount. For example, with a $200,000 loan, one point equals $2,000. Points are usually paid out-of-pocket by the buyer at closing. Paying points may seem attractive, because a lower interest rate means smaller monthly payments. But is paying points always … (2 comments)
real estate closing costs: Real Estate Closing Costs ... Who Pays Them?
- 06/29/09 12:00 AM
I recently came across a question by a reader who was wondering “who pays the closing costs in a real estate transaction.” This question, or a form of it, is answered by real estate professionals on each and every transaction that occurs. First of all, closing costs are the fees, costs, and taxes (over and above the price of the property) that occur when real estate is transferred from one party to another. The conveyance of real estate is initiated and directly by a contract for sale and purchase, and closing costs should be specifically identified in this document. So how … (0 comments)
What are closing costs when buying a home?
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