What Constitutes Closing Costs?

What Constitutes Closing Costs? 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 in Ventura and Ojai along with all of California.

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.  Tami Winbury will help find the home to make an offer.

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. Mortgage Interest Rates for Fixed Rate Mortgages*Rates as of Monday, 7th March, 2011: TermConformingAPRPayment per
$1,000JumboAPRPayment per
$1,00030yr Fixed (0pt)3604.75%4.836%$5.225.625%5.690%$5.7630yr Fixed (1pt)3604.625%4.711%$5.145.375%5.439%$5.6015yr Fixed (0pt)1804.25%4.398%$7.525.000%5.108%$7.9115yr Fixed (1pt)1804.0%4.147%$7.404.75%4.857%$7.78*Rates are subject to change due to market fluctuations and borrower's eligibility.CALL TODAY TO LOCK IN YOUR RATE BEFORE THEY GO BACK UP! Rates are subject to market conditions and other pricing factors. DRE #1205152, NMLS #277768  Tracy Tradeau   tracy@tracytradeau.com