This is an excerpt from the new book,
"Finding New Neighbors"
Closing costs are going to be required on any financed real estate purchase. Closing costs consist of a multiple of elements from origination fees from the lender, appraisal fees, pro-rated taxes, broker compliance charges, lender processing fees, underwriting requirements and charges, tax escrows and other specific items all detailed within the estimated proceeds page from the lender and/or Title Company.
Typically these costs range from 3% to 6% of the total purchase price, depending on the level of the purchase value and the mortgage company requirements.
Closing cost figures will be calculated by the lender in an estimated form. The lending and housing industry regulations are continually changing, making the process of estimating vary at times. Asking the lender for information on this will give a buyer a better idea as to how much money will be required to perform the purchase from out of the buyers pocket on the day of the closing...
If you found this excerpt interesting to you, please email me ( dhorne@cbshooltz.net ) and I will send you the complete chapter.
references: wesley brooks, morguefile.com
