Register Real Estate Advisors

Great graphic and video about your closing costs. I think my readers will enjoy this helpful information!

WASHINGTON, D.C. (Bankrate.com) – Texas has the second-highest closing costs in the country, according to Bankrate.com’s annual survey.

On average, the origination and third-party fees on a $200,000 mortgage in Texas this year total $4,708.

 The highest closing costs on the same mortgage elsewhere in the country is in New York, at $5,623.

 Nationally, the average closing cost is $3,741, a 36.6 percent increase over 2009.

As a seller, what you want to know is what you will net at the closing table when you sell your home. To find out how much money you’ll net from your house, add up your closing costs and subtract them from the sale price of the house.
Possible Closing Costs for Sellers:

• Mortgage Payoff & Outstanding Interest
• Prorations for Real Estate Taxes
• Prorations for Utility Bills, Condo Dues, & other items paid in arrears
• Closing Fees Charged by Closing Specialist
• Home Inspections
• Attorney’s Fees
• Title Policy Fees
• Survey Charge
• Transfer Tax or other Government Registration Fees
• Brokerage Commission (Realtor Fees)
• Home Warranty for the Buyers

Reprinted from REALTOR Magazine Online by permission of the National Association of Realtors, Copyriht 2005, All rights reserved.

NEW YORK (CNNMoney.com) – The U.S. Department of Housing and Urban Development (HUD) announced Friday that its $8,000 incentive for first-time homebuyers has been tweaked from a refund at tax time to cash made available for assistance on down payments or closing costs.

The mechanics of the new program, according to National Association of Home Builders economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS.

Homebuyers must still come up with the Federal Housing Administration’s mandatory down payment of 3.5 percent on their own, but they can use the tax credit to lower their principal balance and save on monthly payments.

“Families will now be able to apply their anticipated tax credit toward their home purchase right away,” said HUD secretary Shaun Donovan. “What we’re doing will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”