Lynette Calfani-Cox
speaker
47 appearances
2 recordings
1 series
first heard Apr 2023
last heard Apr 2024
Lynette Calfani-Cox’s voice in public audio — every appearance, attributed to the second.
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Appearances
So if the loan is say 300,000 and the lender is charging you one point, that's going to be $3,000 right there.
You may also have something called an underwriting fee to pay, which is very common.
Lenders charge their own set of fees.
They may have documentation fees to actually handle the paperwork and the processing of the loan.
There are appraisal fees to be paid as well.
The bigger the property, usually the bigger the fee.
There are legal fees to be paid.
There may be an attorney involved and his or her fee has to be paid.
you'll typically have to pay a percentage of the taxes and or insurance on the property as well.
If you're buying into a community that has a homeowners association,
There are typically HOA fees to be paid up front as well.
There are a lot of different fees that you'll have to pay up front, which is why I tell people that you should anticipate that your closing costs on a mortgage will be roughly around 3% or so of that mortgage loan.
Let's say the loan is even just a modest $300,000.
That's $9,000 right there in closing costs.
Generally speaking, people who are surprised about the cost of a home, they have that same dilemma that people get when they buy a car.
So you go to the car dealer and the dealer says, what kind of payment can you afford?
Oh, if you can afford $400 a month, great, you can afford this car.
Well, not so fast, because with that car, auto insurance, there's gas, there's repairs, there's maintenance, there's a whole set of ongoing costs.
And ditto for homeownership.
It's not just about principal interest taxes and insurance.
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