Found 3 blog entries tagged as loans.

Closing costs are fees paid at the home closing, which is when the title of a residence is transferred from the seller to the buyer. These costs typically include real estate commissions, escrow fees, document recording fees, lawyer fees, title insurance fees, survey fees, and taxes. These costs can also include the expenses the home has incurred by buyers and sellers during any negotiations. Closing costs vary widely based on where you live, the property you buy, and the type of loan you choose.

 

What "Costs" Are There?

 Here is a list of fees that may be included in closing: 

  • Application Fee: This fee covers the cost for the lender to process your application. 
  • Appraisal: This is paid to the appraisal company to confirm the fair…

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What is RESPA?

RESPA, or the Federal Real Estate Settlement Procedures Act, is a federal act passed by congress in 1974. After being controlled under U.S. Department of Housing and Urban Development (HUD), responsibility for the act was assumed by the Consumer Financial Protection Bureau (CFPB) in 2011.


The act regulates the real estate settlement process by requiring lenders, mortgage brokers or servicers of home loans to provide disclosures to borrowers that will inform them about real estate transactions, settlement services, relevant consumer protection laws and any other important and relevant information connected to the cost of the real estate settlement process. Any business relationships between closing service providers and other parties…

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Have you ever passed by a house that was in need of a lot of repairs? Did you see the potential of this property, and could see it turning into your dream home? 

If only you could afford to fix the place up! If this is something you have found yourself thinking of, a 203(k) home loan may be the loan for you. 

A 203(k) loan is an all-in-one home loan endorsed by the FHA, under the Department of HUD.

This loan includes not only purchase costs, repair expenses and home improvement costs it also allows for a low down payment of 3.5 percent of the purchase price plus construction costs!

What are your options? Well, there are two types of 203(k) loans:

Regular 203(k): For homes that require structural rehabilitation and

Streamlined 203(k): For…

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