Closing costs are fees paid at the closing of a real estate transaction. This point in time called the closing is when the title to the property is conveyed (transferred) to the buyer. Closing costs are incurred by either the buyer or the seller.Costs incurred may include loan origination fees, discount points, appraisal fees, title searches, title insurance.
‼️MORTGAGES EXPLAINED ft Joe Urciuoli of 👑 Home
REHAB LOANS, CONVENTIONAL, FHA
As promised, here is my follow-up video explaining Rehab loans. Rehab loans can be used when purchasing a foreclosure, or just a home that needs a lot of repairs .
A NJ licensed contractor of your choosing will provide the mortgage company a detailed list of repairs needed and the $ of those repairs will be rolled into your mortgage .
Also explained, the two most popular loans out there for regular sales (FHA & Conventional) and the differences between them. .
Make sure to leave your email in the comments with ANY questions you may have for me or for Joe 😊
Joe Urciuoli, Crown Home Mortgage Jurciuoli@crownhm.com@urcij_mortgage
Have you considered refinancing?
There are some really great perks, including lower rates, shorter terms, cash out options, as well as eliminating your private mortgage insurance! Call us today! 586-292-1347 or visit online at lucrativehomeloans.com
The FHFA (Federal Housing Finance Agency) released their House Price Index, which measures home price appreciation on single-family homes with conforming loan amounts. Today’s report showed that home prices rose 0.2% in August and 4.6% year over year. This was slightly lower from the previous report, which was reported at 5.0%, but still a very strong number.
There are numerous people involved in working to get a home loan closed, they also have to be compensated for their work. Besides your standard down payment, I tell my clients on average expect your closing cost to be between 3-4% of your purchase price. Once I go through and do all the math, that what it usually comes up to. Keep in mind, that I’m referring to my MIchigan loans, which is where I do majority of my business. The cost and fees associated with doing business in your particular state could be more or less than the 3-4%. Most people are focusing on down payment but there are still other cost, associated with buying a home. I will go in depth over the next couple weeks on who gets paid what . #tuesdaytip#mortgage#firsttimehomebuyer#michigan#michiganrealestate#fhaloan#conventionalloans