Sunday, September 23, 2012

Closing Cost Estimator ? Saving Money On Closing Costs - No ...

Most home buyers, especially new ones are not aware of their liability to additional costs when purchasing real estate property. In order to enjoy a smooth experience when purchasing real estate property, it would be a good idea to have some extra cash stashed away just in case. The extra cost incurred may be due to factors such as lawyer fees, your negotiation skills, several third party fees and lenders. To get a good estimate on your property?s closing cost, you will need to use a closing cost estimator. This article provides information on closing estimation and how you can save thousands during real estate purchases.

Here are some fees to expect during real estate transactions; Attorney fees, title insurance, loan discount points, loan original fees, property taxes, recording fees and premium for mortgage insurance among others. Depending on where you are coming from and the companies you are working with, the amount to be paid will vary.

To make your work easier, it would be best to know the fees that are negotiable and those that are not. Fees such as those from recording fees, prorate interests, taxes and city stamps will have to be paid. However, fees from appraisal, loan-processing fees, third-party fees and lender charges can be negotiated, reducing the amount of money spent on closing cost.

How Can You Lower Closing Costs?

Attorney fees ? Attorneys are very important when it comes to closing a real estate deal. They will help you deal with all the legalities associated with real estate transactions, making your work easier. Fair charges from attorneys range between $500 and $800. A good way to negotiate this amount is by simply asking the lawyers to charge by the hour. By doing this, you will have several fees charged together, saving a good amount of money on the services.

Lender fees ? Not all lenders charge these fees. In fact, most of these charges are mostly found in services offered by small banks and mortgage brokers. The cost may be incurred through preparation of documents, application fees and determination of interests charged. Eliminating some of these elements can see you save thousands of dollars in closing cost. It will be uip to you to decide the services you need and those that you want to get rid of.

Recording fees and property taxes are a bit harder to escape but with the right knowledge, you can see yourself reduce the amount paid for the process. The amount paid on recording fees and property taxes is usually about a 3rd of the property cost. This cost is usually shared between the seller and the buyer.

Title insurance ? Owner?s and loan policies are the only two types of title insurance policies there are. The amount paid on loan title insurance is based upon the loan amount while owner?s policy will be based upon the real estate property?s purchase price.
There are many different websites offering closing cost estimator software. This allows new real estate investors determine the amount of money they will be able to save during a transaction.

Source: http://www.zeroclosingcostmortgage.com/closing-cost-estimator-saving-money-on-closing-costs.php

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