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Real Estate
FAQs
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Faqs for Buyers & Sellers
How can you save money on your mortgage payments? If you make an additional payment for your mortgage every month, then that would pay down your principal quickly. This also helps you shorten the repayment term and save money. In a home buying procedure, which fees are payable by the buyer?The following fees are payable by the buyer:
1. Origination fees
2. Insurance impounds
3. Appraisal fees
4. Discount points
5. Credit report fees
6. Escrow payments
7. Interest adjustment fees
8. Homeowner’s Association Fees
9. Mortgage insurance impounds
10. Prepaid insurance
11. One-time mortgage insurance premium (for FHA mortgages)
12. Tax impounds
13. VA funding fee (for VA mortgages)
14. Title insurance policy fee
15. Documentation fees
Who is a buyer’s agent? In majority of real estate deals, there are typically a selling agent and a listing agent. On certain occasions, the selling agent is denoted as the buyer’s agent since he represents the buyer. What are closing costs?Closing costs are costs that are incurred by the buyers and sellers for changing ownership of a property. What is an appraisal?An appraisal is an opinion of the price of a particular property by a certified and independent individual. What is the amount of down payment necessary to buy a house?Usually, a down payment of 20% is required by traditional lenders. However, you can make a lower down payment in case you obtain private mortgage insurance (PMI). You can make a down payment as low as 5% through utilizing PMI. What is the full form of FSBO? FSBO stands for For Sale By Owner. It is that method of purchasing and selling of real estate barring the presence of a real estate broker. Which fees are payable by the seller?The seller would pay for the following:
1. Escrow fee
2. Discount points
3. Interest adjustment
4. Home warranty program
5. Pest inspection
6. Title insurance policy fee
7. Tax service
8. Real estate commission
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