If I buy real estate outright with no loan, are there closing costs?
meisha k asked:
I’m a first time home buyer, and I’m buying a small, inexpensive home which will require no mortgage or loans. In researching about closing costs, it seems that they’re related to the mortgage and lender fees. If I have no mortgage or lender, are there still closing costs, and if so, what would they be for? Thank you
first time home buyer loan
I’m a first time home buyer, and I’m buying a small, inexpensive home which will require no mortgage or loans. In researching about closing costs, it seems that they’re related to the mortgage and lender fees. If I have no mortgage or lender, are there still closing costs, and if so, what would they be for? Thank you
first time home buyer loan
Tags: Closing Costs, First Time Home, Real Estate
December 30th, 2009 at 12:48 pm
first time home buyer loan
inexpensive home WHY? looks like a scam
Hire a attorney to check for mortgage, taxes liens and have the home inspected. Spend a little save a lot.
January 2nd, 2010 at 3:19 am
first time home buyer loan
There are always closing costs. They include:
1. Appraisal. (Unless you’re convinced the value of the house is correct.)
2. Property inspection. (Unless you’re convinced there’s nothing wrong with the house.)
3. Title insurance. (Unless you’re not worried about any title issues)
4. Escrow fees. (You aren’t just going to hand the sellers a check, are you?)
5. Flood certification.
6. Legal fees.
7. Notary fees.
I could go on and on and on and on.
Rule of thumb is the buyer’s closing costs add about 2% to the cost of the house.
January 4th, 2010 at 10:13 am
first time home buyer loan
There will still be some fees, although not as many as with a loan.
Title Insurance, get it, usually the seller pays, whatever you have to do, it’s very important!!!
Recording fees, they have to record your deed in the county records
Tax stamps
Appraisal, unless you pay it out of pocket at the time it is done
Inspection,
Call a Title Escrow firm and ask them to give you an appoximate amount
You can also ask the seller to pay all of your closing costs!!!
July 21st, 2010 at 3:40 am
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