Closing costs?
jane__ny
7 years ago
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Linda Doherty
7 years agoncrealestateguy
7 years agoRelated Discussions
Question about closing costs
Comments (6)The costs that you'll be saving are mortgage company 'junk'fees, things that may be called underwriting, warehousing, document preparation (different from attorney & title co doc prep), closing fee, anything at all. Years ago, I had a closing in which the lender charged a 'faxing' fee. They're just money that you pay to increase the lender's yield. If your attorney draws the documents, the title company shouldn't charge a doc fee, & depending on your state, your attorney may be able to do the actual closing. Do be sure that you have a title policy, & read it to find out what the exceptions/exclusions are; you can often pay an additional fee to have them covered. & if the sellers don't have a survey that they'll provide for you, get a survey yourself....See MoreWhat is up with people demanding closing costs??
Comments (60)nosoccermom and Kirkhall, What you said are the typical process and math to get a mortgage which have been used for a long while. Most of us experienced in the past when market was hot, appraisal value was equivalent to the sold price, so tag on closing assitance was easy. What I am interested in knowing is in the current heavily discount property value environment, what math the sellers/and their agents are using to predict a selling price that would be high enough to get a bank loan and also cover the closing cost assistance. Then, if they found that magic number, would it be possible the sellers believe the net price they would received is too "below market value" and refuse to sell? Experienced folks like ncrealestateguy and brickeyee would have the answer. One more dumb question, I heard that getting "kickback" is illegal in real estate transaction. What is that about? Is closing cost assistance a form of "kickback"?...See MoreClosing costs for construction loan
Comments (5)We had a closing on the interim construction portion and will have a closing on the final mortgage. I've read pros and cons to both methods, but we didn't have a choice anyway as the local banks and credit unions here only offer two closings. We also had the option to either pay our settlement fees up front at closing or roll them into the first draw of the loan....See Morefuzzy math about closing costs
Comments (8)bry is right. Once you close, you are paying interest per day, collected monthly, until the mortgage loan is paid in full. The only exception to collecting monthly is when you buy and when you sell then the interest is pro-rated to the day of closing :) I have found that many buyers either forget or don't know that the mortgage payment that is due the first of each month pays the interest for the previous month plus a bit of principal. Many people assume they are paying forward for the month when they are actually paying in arrears. If you choose to close 11/26 the interest for 11/26 through 11/30 will be collected at closing as pre-paid interest and show as a line item on your closing statement. It is true that if you choose to close 11/26 then the mortgage payment will be due Jan 1, 2019. This is SOP. If you choose to close 12/3, then the lender will collect the pre-paid interest for the mortgage loan from 12/3 through 12/31 at closing. You will see the line item on your closing statement and the first mortgage payment will be due 2/1/19. In either event, you are pre-paying the interest due from the closing date to the end of the month. Agree with bry911, if you can get the seller to agree then delay your closing to 12/3 even though the closing costs will be slightly higher due to the longer daily interest period collected at closing....See MoreLinda
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