September 2016

28 Sep 2016

Some Closing Thoughts on Closings

A common question I often hear from homebuyers is this: How much closing costs will I need to pay? First of all, good question. A smart homebuyer asks questions to fully understand the process and their financial and legal obligations. But while many people have purchased a home - or multiple homes - few can actually detail what they paid in closing costs (without digging out paperwork.) Here are the basics. Every mortgage loan has closing costs. They can be paid by the borrower, the lender or a combination. Sometimes, the seller even agrees to pay a portion of the closing costs. If the mortgage lender pays the closing costs, the borrower will pay a higher interest rate. The rate will depend on...
Continue reading
Follow

Get the latest posts delivered to your mailbox: