This topic contains 8 replies, has 7 voices, and was last updated by Anonymous 7 years, 7 months ago.
- April 27, 2011 at 10:55 am #199698
going to- read more…? here’s a scenerio- i take out a 100,000 loan. will i have to fork out more money for lawyers, closing costs, etc., or will that be included in the loan amount??
- April 29, 2011 at 6:29 am #257890
It may or may not be included in the loan. Typically you pay those expenses out of pocket. There are some special programs for first time home buyers that will assist you with the closing costs but you must ask your lender for the details. You will need to pay for a title search, inspections, appraisal, attorney fees, prorated taxes, and some other expenses depending on how you negotiated your contract. A REALTOR can help you make sure you are only paying what the buyer has to pay!! Even with all of the costs that are associated with purchasing a home it is well worht it. Good luck and happy house hunting(if you haven’t found one yet)!
- April 30, 2011 at 2:16 am #415762
i suggest u
i hope it will be helpful in resolving your problem keep using answers.yahoo.com
- April 30, 2011 at 2:16 am #415763
Only pay for points if you know you will stay in your home for the life of the loan.
If you plan to move 10 or 20 years down the road, it may not be worth it.
Better move (besides points), pay down your mortgage when you get extra cash in your future.
- April 30, 2011 at 2:16 am #415764
It’s average depending on your loan specifics (amount of loan, credit score, state, etc.) Giving a borrower a credit towards closing costs is pretty common. If you want to compare the offer to other lenders try Zillow.com. They have a marketplace where you can submit a loan request and get quotes from multiple lenders.
- April 30, 2011 at 3:42 am #258028
Closing costs are almost always additional out of pocket expense for a purchase loan. Many lenders will allow the seller to contribute up to 6% of the total loan amount towards closing costs. But you will still have to buy a 12 month homeowners insurance policy prior to the closing. you can sometimes get a “no points” loan to keep some of the costs down, but you will pay much more over the long haul as your interest rate will be much higher.
- May 6, 2011 at 11:41 pm #263978
Contact a local mortgage broker and ask them for a Good Faith Estimate. This breaks it all down for you.
- June 16, 2011 at 1:56 am #289754
You should consult with a real estate agent and mortgage lender to get specific answers. Basically, you’ll need some earnest money up front when you make an offer on a home, but that’s applied to the loan eventually. It’s a good idea to get a home inspection before you buy, which you have to pay for yourself. Also, there may be some repairs that you and the seller negotiate on, so that could be additional money up front. The loan fees and commissions will probably all be included in the loan amount. Buying a first home is complicated so make sure you have professionals helping you!
- June 16, 2011 at 2:23 am #289775
All extra my friend.
Think about it this way. The “Big Guy” will always stick it to the little guy.
You can get some loans to cover closing costs, etc. But you have to pay extra..
Get it ??? Big Guy…. Little Guy.
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