Real estate blog entries tagged with settlement by Rob Spinosa, Mortgage Loan Originator, Marin County (US Bank)

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settlement: Closing Costs on a Mortgage - 07/16/19 07:27 AM

Closing Costs on a Mortgage

When a homebuyer, or homeowner looking to refinance, obtains a mortgage, there are always associated costs. Even in the so-called "no cost" loan structures, trust me, you're paying something. When a consumer does the research on what it will cost to get a loan, there are a few ways to categorize and better understand what's being charged. Specific numbers will vary wildly depending on the nature of the transaction, the amount and where the settlement takes place. A key takeaway of this article will be to differentiate between a "cost" and a "settlement charge." They are not … (4 comments)

settlement: What Is an Escrow Account? - 03/10/19 12:39 PM

What Is an Escrow Account?

When renters desire to become home buyers, they quickly learn once in the mortgage process that their single rent payment will morph into "PITI" or "principal, interest, taxes and insurance," or a "total monthly housing payment." So, yes, there are additional monthly expenses to consider when you become an owner. Historically, ownership has bestowed tax benefit on the buyer and that's been an offset to the higher cost of ownership and because of this, the "rent vs. own" calculation has been used to more fairly compare the cost of putting a roof over one's head. Rent may be simpler, … (2 comments)

settlement: Back to the Future - Prepaid Interest Explained - 08/03/15 12:19 AM

Back to the Future - Prepaid Interest Explained

It doesn't take a time traveler to appreciate the fact some folks are just inherently going to have a problem with paying today for something that won't come due until tomorrow. Especially when that something is perhaps ill-explained and/or part of a complex real estate transaction. Even with the rollout of the CFPB's new disclosure forms, the Loan Estimate (LE) and the Closing Disclosure (CD), consumers will likely still proffer some age-old questions about at least one component of a mortgage loan's cost structure. So let's hop in our DeLorean and venture to find out what … (9 comments)

settlement: "Can I Finance My Closing Costs into My Mortgage?" - 08/31/13 12:37 AM

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