When purchasing a home, you not only need money for a down payment, but also for closing costs as well. Closing costs are the transaction related costs to purchasing a home. Generally speaking, closing costs run about 2% of your purchase price.
When applying for a mortgage, the lender is required by law to give [...]
Archive for the ‘Closing Costs’ Category
Closing Costs Explained
Posted in Closing Costs, Closings on Dec 21, 2006 | 3 Comments »
No Truth in Lending. Using APRs to Evaluate Mortgages
Posted in Closing Costs, Interest Rates on Dec 21, 2006 | 5 Comments »
Governments have a way of doing things to the lowest common denominator. Unfortunately, the mortgage industry bears the brunt of a lot of legislation that when looked at objectively, makes zero sense to logical people. One of my favorites is the Truth in Lending (TIL) disclosure that mortgage lenders must provide consumers when applying for [...]
Shopping for Mortgages? Things You Need to Know
Posted in Closing Costs, Rate Shopping on Dec 21, 2006 | 1 Comment »
Okay, so you heard Suze Orman say you should shop for your mortgage. Great. What Miss Suze failed to tell you is that shopping for a mortgage is very different from shopping to buy a plasma screen TV or a new car. In fact, it is unlike anything you have ever experienced. Unfortunately, most consumers [...]
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