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Closing Costs AZ Guide

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The Fees and Other Charges. You could unknowingly incur Closing Costs if you do not fully educate yourself to the home loan / mortgage process and its requirements.

So, What Are These Closing Costs?

Like all things in life and business there are costs and fees associated with this process. Securing a home loan and mortgage is no different. Fees, prepaid items and other costs will be incurred through out the process. You may even take advantage of the optional expense that will reduce your interest rate.

These costs that you pay to the lending institution are then forwarded on to others; the government, a mortgage broker if you have one. Depending on where you reside these costs will vary and will total approximately 3 to 6 percent of the total amount that is being loaned to you.

Fees Incurred Upon Submission of Your Application for a Loan Are:

These third-party fees are collected for services rendered and paid out on your behalf.

The Appraisal Fee is one such service that falls into this category. This is what you will be charged for someone to determine, or appraise, the value of the home and is one of the necessary steps in the overall process for securing you your loan.

Possibly a Credit Report Fee - Some lenders may asses a fee at closing time for having a credit report made out by a credit reporting agency.

How Much Should I Expect to Pay? A "Good Faith Estimate" should be given to you within 3 days after you apply for a loan. Law requires this. It should cover all of your expected closing costs, but again, it is only an estimate and the actual costs could differ. Another variable that will apply here is your location; the type of loan and possibly other considerations may have some bearing on this final cost.

Closing and Service Fees

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As we have stated above you could unknowingly incur Closing Costs if you do not fully educate yourself to the home loan / mortgage process and its requirements. This next section is very important and requires that you do your due diligence in order to not have any last minute costs arise that could, either put your loan on hold, or cause you to have delays for an undetermined period of time.

The following fees, which are numerous, are most usually due on the final day of your refinance or loan. When purchasing your home realize that some of these costs are not carved in stone and you may be able to reach an agreement with the seller to share or defer some of them. If you do reach an agreement be certain, as in all aspects of the process, to get it in writing within the purchase agreement documents.

TIP: Do you want to preserve your cash flow and have money for other projects or a possible family emergency? Consider folding many of these charges into your loan.

One way to keep more cash on hand would be to include all of your closing costs in your total loan amount. This is ostensibly a "no cost" or "no out-of-pocket expenses" situation. This option is almost always available to those who know of it and, plan ahead and ask it to be a part of the overall process. However it will raise the total amount borrowed along with the amount of your monthly commitments to paying the loan off. Some people see this as a disadvantage, others do not. Discuss it with your lender, do the math and then reach an informed decision.

Your Checklist of Closing and Service Fees:

As You Have Learned, Everyone Wants to Get Paid, So Do Not Forget the Real Estate Agent's Commission.
This is usually a percentage of the home's price that has been previously agreed to between yourself and the agent in return for their services.

An Origination Fee
Processing costs assessed by the lending institution.

"Points" for a Loan Discount
If you have opted to "pay points", in order to arrive at a lower and more acceptable interest rate, you will need to include 1% of the total borrowed for each point.

Closing Fee for Settlement
A disinterested third party / agent who handles the finalizing of your loan and the purchase of a home is needed and he will also get a fee.

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