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A lender explains what you need to know about closing costs.

Tuesday, November 26, 2019   /   by Vanessa Saunders

A lender explains what you need to know about closing costs.

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Many home buyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage?
By law, a home buyer will receive a loan estimate from their lender 3 days after submitting their loan application and they should receive a closing disclosure 3 days before the scheduled closing on their home. The closing disclosure includes final details about the loan and the closing costs.
But what are closing costs anyway?
According to Barry Goldenberg, Senior Loan Originator for Luxury Mortgage:
“Closing costs are fees and expenses for the buyer by the lender or third-party servicers such as title companies and attorneys who are part of the process of closing on a home. Closing costs can be rolled in with the mortgage loan, or paid up front. These costs can be from 2% to 5% of a loan.
Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. As mentioned before, closing costs are typically between 2% and 5% of your purchase price.
Barry concludes:
“Buyers should be made aware of all closing costs by their lender before the closing day arrives. If your lender doesn’t disclose these costs well before closing, demand to know what they will be. Not having enough to pay closing costs can cause serious headaches at the closing table.”
Global Property Systems Says:
Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.
For more information about financing your next home, contact Barry Goldenberg, 516-398-9511 - email: bgoldenberg@luxurymortgage.com. 

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Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258

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The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2020 One Key, Inc. All rights reserved.

The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.