Mortgage data firm ClosingCorp determined the top states in the US where closing costs are most affordable. What does this mean for many of the country's cash-strapped buyers? More than guts, it takes serious money to buy a home. If you’re like most Americans who just don’t have that liquidity or financial strength to pay for the home in cash, the most common way is to get a … [Read more...] about Top 10 States with the Lowest Mortgage Closing Costs
Closing costs don’t come cheap. They average $4,876 on a $271,363 home per ClosingCorp. Still, you don’t have to pay some or all of these closing costs. Enter seller concessions. A legitimate arrangement between a seller and a buyer, seller concessions work with mortgages. Not only do buyers get help in their upfront homeownership costs, sellers too get to close the … [Read more...] about How Do Seller Concessions Work, Help You With Your Closing Costs?
Closing costs are required in any mortgage transaction, whether for a purchase or a refinance. Recent data from San Diego-based ClosingCorp revealed how much consumers pay at closing on an average, which costs would vary depending on where they live. Mortgage closing costs can cost between 2 and 5% of the total loan amount. Being paid upfront and hefty, one can’t help but … [Read more...] about Find Out Which States Have the Highest, Lowest Mortgage Closing Costs
A reverse mortgage loan is a type of home loan that allows eligible seniors 62 and above to tap into their home equity and take it out as a cash. It differs from a cash-out refinance because instead of paying the lender a monthly mortgage sum, it is the lender that dispenses money throughout the life of the loan, or via a lump sum (or through a combination of line of credit and … [Read more...] about What Fees are Involved in Getting a Reverse Mortgage?
In a recent blog post, the CFPB made some interesting points about mortgage calculators. That they are practical tools to help you figure out how much you can afford to borrow at the onset of your home and loan shopping. This leads us to what goes into your monthly loan payment and how much it entails when you finance your first home purchase. Consider this a good way to set … [Read more...] about How Much Does Your Mortgage Cost?