What are my closing costs?

" That is not an easy question to answer. It depends on your loan program and certain decisions that you make. There is not a fixed amount that applys to everyone. Closing funds include your down payment, loan fees, closing fees and money collected for your escrow account. The best estimate of your total funds needed for closing should come from your lender. Lenders are obligated to provide a "Good Faith Estimate". On this page we have provided answers to many of the closing cost questions that we hear from prospective buyers. Hope this helps! You may want to visit our Mortgage Lender Page.  more

Your closing costs will depend on the type of mortgage that your buyer will be obtaining. Each type of mortgage has specific fees that must be paid by each particular party. There are 3 basic types of mortgages, VA, FHA, and Conventional. Under each type of mortgage you will find a list of fees, and the party responsible for paying them. Keep in mind that not all mortgage companies will charge all of the fees that are listed, and all fees are estimated. The following is an example of typical closing costs for a home in Bellevue, Nebraska that sold recently for $216,000. The buyers financed with a conventional loan through a local bank. This example assumes a private sale where the buyer and seller are unrepresented by agents. Had the seller been using an agent, the commission would be added to the seller's fees. At 7 percent, that would have meant an additional expense to the seller of $15,120.00.  more

Your closing costs will depend on the type of mortgage that your buyer will be obtaining. Each type of mortgage has specific fees that must be paid by each particular party. There are 3 basic types of mortgages, VA, FHA, and Conventional. Under each type of mortgage you will find a list of fees, and the party responsible for paying them. Keep in mind that not all mortgage companies will charge all of the fees that are listed, and all fees are estimated.  more

In addition to the sales price of the home, there are a variety of costs associated with finalizing the transaction.  more

The only closing costs you will incur are the following: • Brokers commission if you used a broker • Real estate transfer taxes • Title insurance • Your own attorney's fees • Any real estate taxes or condominium fees which are in arrears • Viager USA pays the rest. Appraisal fees, etc... • What is the main difference between Viager USA's program and a reverse mortgage? • Viager USA bases all their payments on 100% of fair market value. • Viager USA has no up front fees. Most reverse mortgages charge substantial fees of the loan up front. • Since Viager USA is not a loan it never has to be paid back. • When you move you keep getting paid. In a reverse mortgage when you move out of the unit the mortgage has to be paid back. • Viager USA pays for life. In a reverse mortgage when you reach a maximum dollar amount, all payments stop. If you have any further questions our professional representatives will be happy to discuss them with you, your legal counsel or your heirs.  more

Closing costs in Connecticut vary greatly depending upon who you choose as a mortgage lender, your credit score, and the price of the property you are purchasing. The typical closing costs for a real estate transaction in Connecticut are illustrated in the following example*: A first time home buyer desires to purchase a $390,000.00 home in Stratford, Connecticut. The purchaser of this house has a good credit score, and the mortgage lender (bank) is not requiring him to pay any points. Additionally, the purchaser (borrower) thinks he is not paying a mortgage broker any compensation, or any premium in order to receive a loan at a reduced interest rate. (Note that if the purchaser was to pay any points in the form of a loan origination or loan discount fee that one (1) point would be equal to $3,900.00). The yearly real estate taxes on this house are $4,787.64 and his homeowner’s insurance carries a yearly premium of $810.96. The closing will take place on June 5th of any given year. ...