Real Estate Blog - closing costs

Understanding the Title Insurance Expense

Posted by Carey Frankel on May 9th, 2008

Often wonder what that number in your closing cost column is paying for?  Of all parties involved in the purchase and sale of a Jacksonville fl real estate transaction, many people feel that the title companies are the ones walking away with most of the cash.  After all, they do own the biggest, most plush buildings besides the corporate banks!  While no one enjoys paying title insurance costs, no one ever gets out of it either, unless you’re paying for a new property in cash.  Even then, this is one insurance that isn’t wise avoiding.  With closing costs being a huge expense, along with money signed away in a matter of minutes, you can rest assured this is what you get with your hard earned cash:

1.  Title insurance expense is not a recurring…

2214 Views, 0 Comments

Unravelling the Confusion of Closing Costs

Posted by Carey Frankel on May 1st, 2008

 In comparing loans for your new Jacksonville home, keep the following in mind.  Closing costs are split into two main categories: the closing costs controlled by the lender which vary from place to place and closing costs not controlled by the lender that will not be negotiated. 

 

The Process

 

You will first obtain a "Good Faith Estimate" of closing costs when talking to a mortgage lender.  It is your right to receive a copy although they may send it to you within three business days of your application.

 

Remember, the mortgage lender is not the only one charging all of your final closing costs, nor do they know what all the costs will actually be. They will normally give you a higher end estimate based on an educated guess from…

2589 Views, 0 Comments

Reduced Closing Fees, No Closing Costs, Seller Will/Won’t Pay - Did You Count the Closing Costs?

Posted by Carey Frankel on April 18th, 2008

Closing Costs are those pesky things that you do not always think about up front when looking for a home or even selling one.  Part of understanding closing costs and how they are determined has to do with governmental taxes, fees for recording of the new deed, fees for the title search to verify that the seller has clear title to sell.  Others may be ‘discount points’ for your loan.  In any case, getting an estimate at the beginning of the process is the best you can hope for. Often times, although a trained professional can perform a close estimation process, even your realtor will not know the exact bottom line until the paper is ready to sign and you have to put the money on the table.

Closing Costs for the Seller

Easy. They take the closing costs…

2439 Views, 0 Comments