Closing Costs Content Index - Page 1

Real estate closing costs can quickly add up for the buyer and the seller. Closing costs can include the cost of the land survey, broker's fees, taxes, attorney's fees, utility fees, homeowners association fees and inspection fees. The list can be much longer and the amount of the costs will vary widely. Get more information here about various closing costs and real estate transactions.

**Refinance Fees: How Much Is Too Much?** When you're refinancing your mortgage, how much should you be paying in refinance fees? It can be hard to tell what fees you're paying to the lender, what is prepaid interest, and what are the other costs of the loan. Refinance fees, especially for prepaid interest, can add up to the closing costs of refinancing your loan. Have your lender explain exactly what all the refinance fees are going toward before you make any decision about refinancing or canceling your refinance.

**HUD Revised Streamline Refinance Transactions** Streamline mortgage refinance applications will be undergoing some changes. Under the HUD revised streamline refinance, there are changes to the mortgage seasoning, payment history requirements, and verification of assets, employment and income. For a streamline refinance without an appraisal there will be a new maximum mortgage amount, and under the HUD revisions, there is is maximum combined loan-to-value amount for the streamline refinance. Read the full letter below for more details on the changes to HUD streamline refinance applications.

**Short Sale And A Full Price Offer** If you receive a full price offer for the sale of your home, can the lender still consider the sale a short sale? What if the full price offer covers all expenses and covers the entire amount owed to the lender, would the sale still be a short sale? This reader questions why a lender might under all circumstances consider a full price offer as a short sale no matter what.

**Refinancing An Interest Only Loan** If you have an interest only loan, it may be a good time to refinance the mortgage loan. You will owe the same amount today on your Interest only loan as you will in ten years. On an interest only loan you never pay down the principal balance. If the interest on your loan is high, you should consider refinancing the interest only loan. If you plan to live in a home a short period of time, refinancing an interest only loan may not be right for you.

Refinancing a Jumbo Mortgage Loan is Difficult In This Housing Market. During the housing crisis and the credit crisis, it has become increasingly harder to refinance jumbo mortgage loans. Jumbo mortgage loans now have two strikes against them: if home values have come down, the owner will have trouble refinancing the jumbo mortgage loan without coming up with a significant amount of money at the closing and with the credit crisis, many mortgage lenders have moved away from the jumbo mortgage market and will only refinance conventional loans that are for $417,000 or less. For many jumbo mortgage loan home owners, the Obama Making Home Affordable or Home Affordable Refinance plans and programs won't help.

Saving to buy a home? How much should you save? What will your housing expenses be? When deciding to buy a home or a house, you need to answer these questions to have a better idea and know how much you will be able to afford. You might be saving money monthly now to buy a home in the future. And, now is the right time to plan for those initial costs to buy a home and then have savings for housing expenses that will come later.

Home improvements on a budget are on a rise. With the housing crisis and the downward pressure on home prices, more people may opt to stay put and renovate their homes. But these home renovations and repairs will be smaller and give home owners more bang for the buck. Closet organizers are one way to improve a home and make a home more livable. The home improvement doesn't have to cost too much. The home repair needs to suit your needs and a closet organizer can unclutter a space you use daily and make your life easier. It doesn't have to cost too much. It can be on a budget and you might be able to do it yourself. Best of all, if you are planning to sell your home in the near future, a small home improvement project and a well organized closet with a well installed closet organizer can help your home look better and sell faster in this real estate market.

Today on the Clark Howard show, we discussed the new unemployment numbers. Ilyce talked about her upcoming How to Profit From Foreclosures event, on October 24th, and mentioned that Clark Howard listeners would get a special 2 for 1 offer on the Early Bird Special. Details of the offer are below. We also have FREE BOOKS and EBOOKS we're giving away. Thanks for listening to Newstalk 750 WSB.

Closing costs have to be considered when you thing about refinancing. Along with the closing cost for refinancing, the interest rate and length of the loan are also important, but many people forget to take into account the closing costs for refinancing. Will you save money on your monthly mortgage payment with the refinance interest rates? If the closing costs for refinancing cannot be paid off within a year with the savings from the refinance, refinancing may not be worth it.

Today on the Clark Howard Show, Ilyce discusses unemployment and the economy. Scams are all the rage (ThinkGlink.com has published 10 scam stories in the past two weeks.), and we'll discuss the new IRS scams you'll want to watch out for. Is there a better way to estimate closing costs? Ilyce thinks so. Also, sign up for her Ilyce Glink Fan Page on Facebook and get a free ebook. You'll also want to check out the ThinkGlink Store. And today, Ilyce opens the doors for her latest event: HOW TO PROFIT FROM FORECLOSURES, on October 24, 2009. Early bird special starts now and WILL NOT BE REPEATED. Find out more on today's Clark Howard Show.