Closing costs are expenses associated with finalizing a real estate transaction, typically paid by the buyer and sometimes shared with the seller. These costs cover various services and fees necessary to complete the home purchase, such as loan origination fees, appraisal fees, title insurance, escrow fees, attorney fees, and property taxes. Closing costs are typically expressed as a percentage of the total loan amount and can vary depending on factors such as the location of the property, the purchase price, and the specific terms of the loan. Buyers should budget for closing costs in addition to their down payment and other upfront expenses when planning to purchase a home.
When looking to refinance, a homeowner has several rate and cost options to choose from. Homeowners can pay upfront points to buy a lower interest rate resulting in high closing costs. Or, go with a no-point loan with a slightly higher interest…
Mortgage closing costs are an essential aspect of buying a home. Knowing what to expect helps in planning your finances. In Kansas City, these costs can vary depending on various factors. This comprehensive guide aims to break down the components…
When buying a home, understanding the various components of your mortgage is crucial. One important aspect is the impound account, also known as an escrow account. This guide will help you understand how these accounts work and their impact on…
When shopping for a mortgage, comparing offers from different lenders is essential. You may be tempted to go with the first offer you get, but that could cost you money in the long run. You can get the best deal…
Some homeowners purchase mortgage points, commonly called “origination points” or “discount points,” to reduce the interest they pay. Most of us will spend the most money on purchasing a home, so anything that might lower the mortgage cost is worthwhile…
The Closing Disclosure describes the terms of your mortgage loan, including the purchase price, interest rate, estimated property taxes, insurance, closing costs, and other related expenses. You must review all five pages thoroughly as it’s one of the most important…
One of the most important mortgage disclosures you’ll examine when comparing home loan offers is the loan estimate. However, the loan estimate form contains a plethora of precise information. There are key points to keep in mind so that you…
Navigating the mortgage process can be overwhelming, but understanding the basics can make it far more manageable. In this comprehensive guide, we address the most frequently asked mortgage questions to equip you with the knowledge you need for your home…
When purchasing a home, one of the most significant steps is understanding and preparing for closing costs. These costs can be a source of confusion and surprise for many homebuyers. This guide will provide you with a detailed overview of…
