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We are delighted today to be joined once again by Sandy Davis of New Jersey Lenders. We are going to focus on the closing steps of the mortgage process today, and Sandy will be answering some of the most common questions we get from our clients. Here they are:
What are closing costs?
When you buy a home, there are two large expenses associated with that. The first is your down payment, which can range anywhere from 3% to 20%+ of the purchase price. The other is closing costs. They include a number of fees relating to attorneys, home inspections, appraisals, and the like. Typically all of your closing costs will run you about 3-3.5% of your purchase price.
Do I have to pay for closing costs out-of-pocket?
You have 2 options when it comes to paying your closing costs. The first is paying out of pocket, which is your best long-term option. The other thing you can do is roll those closing costs into your mortgage through a seller's concession, so you only have to worry about your down payment.
A quick update for you on interest rates: There has been yet another drop in rates recently, and it's a great time to lock one in before they are expected to rise later this year. We are looking at some amazing rates, whether you are looking to buy a new home or refinance your current one.
If you have any questions for us, feel free to give us a call or send us an email. We are your best source for all the latest real estate information here in New Jersey.
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We are delighted today to be joined once again by Sandy Davis of New Jersey Lenders. We are going to focus on the closing steps of the mortgage process today, and Sandy will be answering some of the most common questions we get from our clients. Here they are:
What are closing costs?
When you buy a home, there are two large expenses associated with that. The first is your down payment, which can range anywhere from 3% to 20%+ of the purchase price. The other is closing costs. They include a number of fees relating to attorneys, home inspections, appraisals, and the like. Typically all of your closing costs will run you about 3-3.5% of your purchase price.
Do I have to pay for closing costs out-of-pocket?
You have 2 options when it comes to paying your closing costs. The first is paying out of pocket, which is your best long-term option. The other thing you can do is roll those closing costs into your mortgage through a seller's concession, so you only have to worry about your down payment.
A quick update for you on interest rates: There has been yet another drop in rates recently, and it's a great time to lock one in before they are expected to rise later this year. We are looking at some amazing rates, whether you are looking to buy a new home or refinance your current one.
If you have any questions for us, feel free to give us a call or send us an email. We are your best source for all the latest real estate information here in New Jersey.
