Tag Archives: closing costs

How much can I afford?

The general rule is that you can buy a home that costs about two-and-one-half times your annual salary. A good real estate agent or lender can determine how much you can afford and estimate the maximum monthly payment based on the loan amount, taxes, insurance and other expenses. Your real estate agent can help you…
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What are closing costs?

Closing, or settlement, costs are expenses over and above the price of the property. Both the buyer and seller incur some of these expenses when transferring ownership of a property. Who actually pays, however, often depends on local custom and what the buyer or seller negotiates. Closing costs normally include title insurance, loan points, escrow…
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Is it possible to save on closing costs?

Certainly, once you get past the sticker shock. Closing costs are expensive. They can average between 3 to 5 percent of the total home purchase price. But here are a few ways to save: Haggle with the seller. He may pay all or part of the closing costs based upon type of mortgage buyer selects.…
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