You have filled out all of the necessary paperwork and now it is time to close on your new home. Watch the video on the right. Create a document named Closing.
Watch the Understanding Closing Costs on Mortgages. (Backup Link) 1. At the top of your document tell me three of the expenses that cannot increase from your GFE to your HUD-1 and one that can increase. Watch Closing Costs Explained Visually (Backup Link) 2. In your document tell me what the Title Company’s job is and why it is important. Use smartassett.com closing costs calculator. Enter your loan amount, choose VA or FHA and get your down payment amount as close to $8,000 as it will let you. 3. Add a screenshot of your overview of closing costs and the detailed list for the final costs for buying the home. I have added a sample image of what your document should look like. You need to enter in the information specific to your house. Use Command or CTRL and - to minimize screen size and see more of your info in your screenshot. *Typically, home buyers will pay between about 2 and 5 percent of the purchase price of their home in closing costs. So, if your home cost $150,000, you might pay between $3,000 and $7,500 in closing costs. On average, buyers pay roughly $3,700 in closing costs, according to a recent survey. |
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After determining your closing costs use the built in mortgage calculator on google to find out the total cost you will pay on the life of your loan and enter the amount below your table or screenshot the calculator info. In this scenario the life of my loan would cost me $382,980 for a $225,000 house.