When home buyers lose the money that they paid to a seller to secure a purchase
Home buyers normally give the seller a sum of money, called a deposit, to convey how serious they are about buying the property. If the deal works out, their deposit is applied to the buyer’s closing costs.
But, if the deal breaks down, who finally pockets the deposit money will depend on specific clauses and contingencies written in the sale/purchase contract.
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Showing posts with label Closing costs. Show all posts
Showing posts with label Closing costs. Show all posts
Tuesday, April 18, 2006
Friday, April 14, 2006
Closing costs
Fees that must be paid on (or before) the closing date by the buyer and/or seller in addition to the down payment
These fees, which average 2-5% of a loan’s amount, are paid on (or before) the closing date. Closing costs normally vary based on a combination of three factors - the lender, the property’s location and the type of mortgage you choose. It’s best to have a good idea of all the costs early on: ask your closing agent for a pre-closing HUD-1 document, which gives a detailed list of the expected closing costs.
These fees, which average 2-5% of a loan’s amount, are paid on (or before) the closing date. Closing costs normally vary based on a combination of three factors - the lender, the property’s location and the type of mortgage you choose. It’s best to have a good idea of all the costs early on: ask your closing agent for a pre-closing HUD-1 document, which gives a detailed list of the expected closing costs.
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