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Tagged : closing costs

Found 4 blog entries tagged as "closing costs". - Shopping for the best mortgage involves more than just checking interest rates and loan terms. Many borrowers are surprised by the many additional costs involved in closing the loan.

Almost all closing costs relate to fees that the mortgage lender is charged by a third-party company and then passes on to the borrower. Some of the fees are additional costs the lender levies. Because these fees are all settled at the closing table, they are commonly referred to as closing costs.

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527 Views, 0 Comments - If you’ve never been through a real estate closing before, you might imagine convening around a large table where, at the end of escrow, you’re presented with an itemized list of big expenses required to close the deal.

But that’s not always the reality. While people still do meet around a table at the closing, today some closings happen virtually. The buyers and sellers can sign the necessary documents remotely and wire money for the closing.

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Photo:  ©[Oleg Doroshin]/123RF.COM

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Buying a home with cash has definite advantages in today’s market. National Association of Realtors® research on cash sales shows that about 30 percent of residential sales are cash transactions. Among investors and international buyers, more than 70 percent of properties are bought outright. If you can afford to buy up front, the advantages are many:

  • Sellers are likely to favor buyers who can pay in cash.  
  • The home price may be reduced for those who pay in full up front.  
  • All-cash purchases streamline the home-buying process: No loans means less paperwork and no delays for mortgage approval.
  • Cash buyers can save money on closing costs, bank appraisals, mortgage applications and fees, title insurance, and so on.
  • Cash purchases eliminate the
662 Views, 0 Comments - Homeowners who are unfamiliar mortgage refinancing, as well as those who are desperate to change their loan conditions, are too often careless and end up making common mortgage refinancing mistakes. No matter what your situation or your reasons for refinancing, it is your responsibility to do the research and learn about the mortgage refinancing process.

Below are some common mortgage refinancing mistakes and how you can avoid them.

Refinancing Mistake #1: Folding in Closing Costs

Refinancing Mistake #2: Extra-Long Loan Term

Refinancing Mistake #3: Adjustable Mortgage Rates

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