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Unless you plan on using your own money to purchase your home, you are most likely going to want to borrow money from a lender and spread payments to the loan out over a period time. With the advent of the Internet and a volatile mortgage market, there is a wide variety of loan options to choose from. As your representative in the process of buying your home, it is my responsiblity to guide you down the best possible path throughout the process.
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Choosing the Right Lender
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Obtaining the best financing is probably the most important factor in the purchase of your new home. Every home buyer has specific needs and it requires a skilled mortage consultant to find the best loan program available for each individual or couple. That's when you can turn to Kimber McLeroy, Ken Martello or Betsi Bell. They will listen to your needs and determine the best loan program for you and, once the loan is approved, they will do everything possible to ensure that your transaction closes on time!
Contact one of these great lenders today to get pre-qualified for your home loan - its free and there's no obligation!
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 Closing costs are expenses that cover fees associated with the transfer of property ownership, fees paid to state and local governments, and the costs of obtaining a mortgage loan. Some of these fees are negotiable, and could be paid by either the buyer or the seller. Some costs are one-time fees (non-recurring closing costs, such as title search, termite inspection, appraisal, etc.); while other fees such as homeowner's insurance or property taxes are things you will expect to continue to pay on a regular basis as a homeowner.
As part of the loan selection process, your mortgage consultant should be giving you some idea of how much money you should have in reserve to cover your end of these costs. The Real Estate Settlement Procedures Act (RESPA) requires the lender to provide you with a Good Faith Estimate within three days of the submission of your loan application.
RESPA also states that as a home buyer, you have the legal right to request a copy of the HUD-1 Settlement Statement 24 hours before your closing is scheduled. The HUD-1 clearly defines all closing costs, including those that are to be paid by the buyer and the seller. It's a good idea to have both of these forms before your closing so you can compare the estimated costs to the actual costs before you finalize your transaction. |
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