Real Estate Information

Luxury Real Estate Information

Rancho Palos Verdes, California Homes
Palos Verdes, California Homes
South Bay, California Homes
Luxury Mexican Beachfront Homes

Featured Properties

Oceanfront Estate Near Trump National

Related Information

Loan Information
Real Estate Information
Mortgage Refinance Information

What To Expect In Closing Costs On A Home Purchase

Many are taking advantage of this year's low mortgage rates to purchase a home. Pent up with excitement, many families, who have scrimped and saved for a down-payment, jump for joy when the mortgage lender finally approves their application. But, they should realize that there's a whole new set of expenses that must be covered before actually closing on the sale.

New homeowners are often taken aback by up-front closing costs such as mortgage and title insurance, attorney fees, recording fees and loan points, which can run into the thousands of dollars. But there is no need to be afraid of these charges. With a little background on their purpose and shrewd financial foresight, closings can be a breeze.

A lender's charge for processing the loan can be determined at the beginning of your buying process. Referred to as "points," these charges are expressed as a percentage of the total loan. For instance, three points are equal to 3 percent of the borrowed amount. "Points" can also become a tool for negotiation with the lender and seller. In a buyer's market, home sellers will often agree to pay mortgage fees in order to close a deal.

Title insurance can be a substantial expense. The one-time title fee, including search and examination, averages around $430 for a $100,000 home, but it's recommended that you check with a local title insurance agent ahead of time to effectively determine what you'll owe before closing.

Additional costs, such as attorney charges, and recording, transfer and inspection fees, can also be predicated ahead of time by the buyer. Most often pest and survey inspections, although included in the official closing statement, are conducted and paid for long before the closing date. However, buyers should consider them as additional up-front costs.

Some closing costs, such as "points," are fully tax deductible that tax year if you show proof of a separate lump sum payment. They are not deductible in a few cases when the loan is the result of re-financing rather than a home purchase. Application, appraisal, documentation and broker fees can not be deducted.

Some states require payment of property taxes at closing. In some instances, buyers and sellers are asked to put money into an escrow account that will cover any past and future tax obligations. Be sure to check with an attorney or real estate agent before the closing to determine your property tax commitments.

Also, be prepared to pay any assessments if buying a condominium or into an association-governed property. Fees for credit reports, notary public seals and assumptions, which includes the processing of official documents, may also arise.

Knowing what total closing costs will be before starting your home search can help you better understand what price range is right for you. In the end, the process of closing on a mortgage will be easier than you think, leaving more time to plan for your new home.

About The Author

W. Troy Swezey is the author of "WHAT TO EXPECT IN CLOSING COSTS ON A HOME PURCHASE." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, "REAL ESTATE SECRETS EXPOSED." or mail to:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at

Seeking Alpha

Real Estate Outperforms Amid Broader Selloff
Seeking Alpha
Amid rising trade and political tensions, US equities dipped nearly 6% this week, the worst weekly performance in two years. REITs fell 5% while homebuilders declined 3%. A flurry of headlines reignited volatility this week including a Fed rate hike ...

Hot Property: Real estate reboot
Los Angeles Times
Not every housing ambition works out as planned. This week's collection includes an Oscar winner who has relisted his Hollywood Hills West compound as two separate properties and a writer-actor who decided against building his dream house in Malibu ...

Naples Daily News

Real estate briefs
Naples Daily News
The show has guests who specialize in relevant topics in the real estate industry. All Shows can also been seen on the website under icon online education. Two model homes at Naples Reserve were honored with 2018 Parade of ...

and more »

Las Cruces Sun-News

Selling or leasing real estate without a license is a felony
Las Cruces Sun-News
If you're thinking of helping a friend, neighbor or relative buy, sell or rent a home, apartment or commercial property, you'd better think again. Conducting such activities without the benefit of a real estate license is against the law. In 2008, the ...


How To Win A Real Estate Bidding War: Advice From The Pros
Listen to Paul, Habibi, Continuing Lecturer of Finance and Real Estate at UCLA Anderson School of Management. Have a plan in place where you know you what your number is before you even make your offer. Buying a personal residence that others want ...

Lincoln Journal Star

No stopping the local real estate market
Lincoln Journal Star
It seems you can throw just about any obstacle in the way of the Lincoln real estate market these days, and it will just get swatted aside. Soaring prices? No problem. Rising mortgage rates? Not an issue. Lack of homes for sale? Next obstacle, please ...

and more »

Real Estate Newsmakers
JoAnn Drabble, broker associate of Re/Max Welcome Home, qualified for the Re/Max Chairman's Club Award for 2017 and ranked No. 9 of the Top 25 Individuals for all of Re/Max New England for 2017. Drabble was awarded the prestigious Lifetime Achievement ...

and more »

Real Estate Transfers
The Keene Sentinel
Here is a list of 34 transfers recorded in Cheshire, Hillsborough and Sullivan counties during the period ending March 9, 2018. Listed below is the date of the deed and the purchase price, based on real estate transfer tax paid. This list does not ...


Real Estate Pros Share Their Favorite Resource For Market Trends
This is especially important for real estate professionals, who must contend with rapidly changing price points, demographics and client preferences. Sharing the latest, most up-to-date listings and statistics with your clients will inspire trust and ...

Real estate leaders gear up for radical meeting in the desert
On Monday a set of curious, smart and influential real estate people from around the country will ditch their office for the desert and the chance to make history at Disconnect in Palm Springs. Together almost 200 attendees reflect the diverse and ...

Google News

home | site map