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Understanding Closing Costs

When purchasing or refinancing a home, the final step in the process is the closing. It’s important to keep in mind that there will be additional costs associated with closing on your home. If you are a first time homebuyer, you’re probably aware that you need to save money for a down payment, but you may not realize the full costs associated with closing, and they typically run anywhere between 3 – 6 percent* of your approved loan amount.

So What Are Closing Costs?

The term “closing costs” is a bit vague but essentially straight forward.  These are the costs incurred at the closing of your mortgage. They may include:

  • Loan origination fees
  • Appraisal fees
  • Title searches
  • Insurance
  • Taxes
  • Credit report charges
  • Any other fees and expenses incurred

Why Are Closing Costs Necessary?

While no one looks forward to additional costs, the fees actually benefit you. Title searches and other fees help protect you so that you know you have legal possession of your home.

Who pays for the Closing Costs?

For the most part, you as the buyer will pay for the closing costs. However, depending on the loan product, some of the costs may be absorbed by other parties. For instance, with VA loans there are limits to what buyers pay in closing costs.

 

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*percentages listed are an estimate and may not reflect the percentage rate you will pay.

Get Your Home Fall Ready Before Temperatures Begin to Dip!

The most wonderful time of the year is upon us. The leaves will change and the weather will get chillier. That can only mean one thing; fall is coming!

In order to get in the spirit of the season and prepare for cooler weather, we’ve compiled a list of fall prep must dos. Check off each of our home ready tips, and you’ll be sipping a pumpkin spice latte snuggled by your fire place in no time!

  1. Get Cozy

Blankets make life more comfy. Pull out your down comforters and fluffy blankets and get your bed ready to go for the cold nights ahead.

  1. Clean Things Up

Who says deep cleaning your home is an activity just for spring. Fall cleaning can help get your house prepped and decluttered for cooler weather. Make sure there’s no clutter stored near heaters, furnaces or other heating appliances.

  1. Let There be Fire

You may want to hire a chimney sweep to get your fireplace in tip top shape for the cold weather season.  Unfortunately, fires are more likely during the fall and winter. Keep your home and family safe by taking necessary safety precautions with your chimney and fireplace.

  1. Fill in the Gaps

Make sure all gaps around windows and doors are sealed up. Weather-stripping and caulk can help, so that your home stays insulated and warm during the cold months ahead; don’t make your furnace work harder than it has to.

  1. Perform an Appliance Checkup

As temperatures drop, it’s important to be able to keep your home warm and comfortable. Check your boiler or furnace and replace filters. Also, test your smoke detectors and carbon monoxide devices. Safety is key!