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Closing or Settlement >Estimated Closing Costs
There is a federal law that requires mortgage lenders to give prospective buyers an itemized, "good-faith" estimate of their closing costs. Sometimes buyers arrive at the closing with this document in hand and proceed to question each item on the final closing statement that does not match the estimate exactly.
These "good-faith" estimates are just that--estimates. The lender's charges will be fairly accurate, but the charges for attorneys, termite inspections, title insurance, and other items that appear on the closing sheet may vary from the estimate. Some pro-rated items, such as taxes or homeowner's association fees, will also be different if you don't close on the date that was used to calculate the estimate. The purpose of the disclosure law is to give you a ball park figure of your closing costs. But the estimate you are given won't be to the penny--probably not even to the dollar!
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What are three of the best indicators of real estate market trends?
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| A |
Existing home sales, new home building and mortgage interest rates.
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Christine Demonbreun and Debbie Nunn Keller Williams Realty 2271 Wilma Rudolph Clarksville, TN. 37040 Phone: 931-648-8500 Fax: 931-648-8551 Cell: 931-320-2133 Cell: 931-320-1651 Email: christinedemonbreun@NUMBER1EXPERT.com
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