fha closing cost calculator
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fha closing cost calculator

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Hi everyone your Tampa Bay real estate expert and realtor Lance Moore in this video I want to go over what our closing cost how do they work what you need to know about them when you're buying home Music all right so let's talk a little bit about closing costs the reason why I wanted to do this video is because we're a really good real estate market and I know a lot of realtors are really getting complacent in the market more on the listing side than the buyers side but a lot of the lenders are really getting complacent they're just telling people to go to their website they're having to fill out an application and there's giving them the good faith estimate that has their closing cost on it's just not really explaining everything - so first off before I get into the closing cost I just want to let you know is you've probably been watching these videos I'm not a super big fan of big banks especially like Bank of America and the reason is because in my experience from being in the landing and being in real estate over 20 years they have a lot of internal problems and a lot of them I don't want to say all of them a lot of them have a hard time closing deals on time and the loan officers because they're just sitting in the office they're just waiting for business in a lot of cases again not all of them I would rather go after someone who's actually hunting in other words someone who's after actually on the street going for business like a mortgage banker or a broker but anyhow I want to let you know the difference between a bank like a Bank of America Wells Fargo and a broker when you're looking if the different closing cost is banks lend their own money they have their underwriters processors usually closing departments a lot of these in-house so their interest rates are going to be a little higher because they're self there they're putting rates out there retail regular pricing but their closing costs are going to be less when you go over here to a mortgage broker they get the price in at wholesale so the interest rate may be a little lower now when I say well I'm not talking a quarter or a half a percent it could even be anywhere from an eighth of a percent to maybe a quarter because remember all banks get the money at the same place but their closing costs are going to be higher because they have to charge money for an underwriting fee processing the closing fee etc so just keep that in mind when you're looking at your closing cost now when I say closing cost I mean the cost that it actually takes to close a loan so I break it into two different two different types of

FAQ

Is it possible to get a closing cost loan and an FHA home repair loan in the same year?
Loans for modification and alteration can be availed from banks during currency of an existing loan subject to repayment capacity of the borrower. The plan and estimate should be satisfied by a chartered engineer.
How much does it cost to fill out a swimming pool?
The average price of water in the United States is about $1.50 for 1,000 gallons. The water required for a pool is in between 15000 gallons to 25000 gallons, you can do the maths now. One important thing is that ask your pool construction company that, is it ok to fill up water continuously or not. They can suggest you in a better way.
I want to buy a condo. What if I have money for down payment only. Are there mortgage lenders who can roll in closing costs in to a new loan? We are talking about conventional loan, not FHA
If you have money for the down payment you are already ahead of 75% of the people I deal with. But the question is, how much down payment? The best rates are for loans with a 20% down payment. However, there are now loans available for down payments of 10%, 5%, and even 3% in some cases. These are conventional loans, not FHA (FHA will do 3.5% down, but with nasty mortgage insurance (MI) and also an upfront MI premium). Now, as soon as you go below 20% down payment, MI is always there. However, what lenders are doing now is offering Lender Paid Mortgage Insurance, or LPMI. With LPMI the  lender pays the insurance and ups your rate by maybe .25%. This is much lower than traditional MI.When you get any kind of mortgage loan, there is always a way to get some rebate back from the lender which can be used against closing costs. But the rebate comes at the expense of a higher rate. It's the opposite of "paying points" which actually lowers your rate.So if you have enough for a down payment, but not enough for closing costs, there are definitely options for you. If you're in California you can contact me at Arcus Lending, tony@svmortgageguy.com.
How can I estimate real estate closing costs?
Closing costs fall into two categories. There are the costs to process the loan application and closing agent fees, and the costs associated with insurance, property taxes and other items related to the property such as HOA dues if applicable.Within the first category are things like the appraisal fee, loan origination fee, discount points (prepaid interest), title insurance premiums, and fees to the escrow agent or closing attorney.The seller is responsible for taxes and HOA dues up until the day of closing and the buyer is responsible for taxes from closing day forward. If taxes and dues have been paid for the year then the seller will be due a refund at closing. The buyer will be expected to bring this money to the table. In addition, if a mortgage is involved, an escrow or impound fund needs to be established and is administered by the lender. This fund will contain a amount of money equal to approximately four to six months worth of taxes and insurance. Thereafter your monthly payment will consist of principal and interest and an amount for taxes and insurance. The lender will pay your annual taxes and insurance for you.All these thing constitute what are commonly called closing costs. Your loan officer will provide you with a good faith estimate of these charges within three days after you apply for your loan and can answer any questions in more detail.
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