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TYPICAL HOME PURCHASE COSTS
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APPRAISAL: An estimate of real estate vaule, usually issued to the standards of FHA, VA, FNMA. Recent comparable sales in the neighborhood are the most important factor in determining value.
ORIGINATION FEE: A fee charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan.
POINTS: or loan Origination Fee, each point is 1% of loan amount.
INTEREST ON THE LOAN: Interest covering the period from closing date to the end of the month.
ATTORNEY'S FEE
SURVEY FEES: Lender or Title Insurance Company may require a registered survey or map showing the location of the house and the boundaries of the proerty as well as easements and rights of way.
RECORDING FEES: The buyer ususally pays the fee for legally recording the new deed and mortgage.
HOMEOWNERS INSURANCE: Proof of current policy is necessary at the closing.
TITLE INSURANCE: An insurance policy which protects the insured (purchaser or lender) against loss arising from defects in title.
PRIVATE MORTGAGE INSURANCE (PMI): Insurance written by a private company protecting the mortgage lender against loss occasioned by a mortgage default.
TERMITE INSPECTION
BUILDING INSPECTION
TAXES: Buyers portion of pre-paid property taxes.
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Copyright © 1996, 1997, 1998, 1999, 2000 American Publishing
American Publishing: P.O. Box 777 Harrison, TN 37341
800-265-8150 423-344-7777 Fax 423-344-0022
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