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.
Are you considering buying your first home, moving up to a larger property, or perhaps downsizing to a more manageable space? No matter where you are on your homeownership journey, navigating the world of mortgages can be daunting. Metropolitan Mortgage…
When you complete a real estate transaction, whether you’re refinancing a mortgage or purchasing a new property, you pay closing costs. It’s important to be financially prepared for this expense as these costs might range from 1 to 2 percent…
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…
In the realm of real estate transactions, an impound account plays a significant role in managing certain expenses associated with homeownership. Also known as escrow accounts or reserve accounts, impound accounts are designed to ensure the timely payment of property-related…
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…
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…
Most of us will spend the most money on purchasing a home, so anything that might lower the mortgage cost is worthwhile. Some homeowners purchase mortgage points, commonly called “origination points” or “discount points,” to reduce the interest they pay.…
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…
