Understanding Closing Costs

closing

You can generally break down all closing costs into two basic groups: Amounts paid to state and local governments. These include city, county and state transfer taxes, recordation fees, and prepaid property taxes. Costs of obtaining a loan or mortgage. These fees include title insurance, appraisals, credit checks, loan origination and documentation fees, commitment and processing fees, hazard and mortgage insurance and interest prepayments. There are plenty of fees that you’ll have to pay during the closing. Many of these costs are … [Read more...]

4 Tips for Buying a House in a Buyer’s Market

newhome

Now is a great time to buy a house. Prices are falling, and so are mortgage rates.  Millions of houses are for sale, and sellers are getting anxious. That's one way of looking at it.  Alternatively, you could say: This is a bad time to buy a house. Prices might be lower in a few months. Same with mortgage rates. With more than 4 million houses on the market nationally, and more being added daily, sellers are bound to become desperate. Why not wait them out? In many places, it's a buyer's market in real estate, with sellers outnumbering … [Read more...]

Understanding the Loan Process

home loans

Finding Out How Much You Can Borrow Your maximum loan amount depends on many factors, including: How much you can afford for monthly payments. The appraised value of the property. The amount of equity in your home, if you're refinancing. How much money you have available for closing costs and a down payment (if you're purchasing). Your credit history. Choose a loan that's right for you Countrywide Home Loans’ Full Spectrum® Lending Division offers many home loan  options. We have instant information and friendly tools … [Read more...]