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Many are taking advantage of this year's low mortgage rates to purchase a home. Pent up with excitement Dante Pettis 49ers Jersey , 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 Mike McGlinchey 49ers Jersey , 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 Matt Breida 49ers Jersey , 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 George Kittle 49ers Jersey , 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 Jimmy Garoppolo 49ers Jersey , 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 Jerry Rice 49ers Jersey , 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.


When you are buying a home, there are many problems that the seller is obligated to disclose, but, these disclosures don't always paint the entire picture of the home. Here are six questions you may want to ask that can offer additional insight about the prospective home before you make a final decision.


1) Why is the seller selling the house? This question may help you evaluate the 'real value? of the property. Is there something about the house the seller does not like? If so Joe Montana 49ers Jersey , you may be able to adjust the purchase offer accordingly.


2) How much did the seller pay for the home? This question can, in some instances, help the buyer negotiate a better deal'maybe even get the seller to carry part of the loan. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the current value of the house.


3) What does the seller like most and least about the property? By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases Mitch Wishnowsky Youth Jersey , what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller describes his house as being in a ?happening community,? the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste.


4) Has the seller had any problems with the home in the past? It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bedroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should also check that these items were repaired properly.


5) Are there any nuisances or problem neighbors? Use this answer to find out about any noisy neighbors, barking dogs Jalen Hurd Youth Jersey , heavy airplane traffic or even planned changes to the community, such as a planned street widening. This may give you insight on why the seller is really moving.


6) How are the public schools in the area? Because the value of a community is usually greatly influenced by the public schools in the area, finding out the buyer's perception can give you some insight about the quality of the area's schools. Knowing all you can about a prospective home, not only helps you decide if it's the home of your dreams, but what offer to make as well. Your real estate professional can help you get your key questions answered and give you advice on how to evaluate your findings.




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