Apr
29
Good question, with lots of answers. The fact is that—aside from the price of a home—owning a home comes with a number of responsibilities and choices, all of which have price tags associated with them. Most people know the about the obvious costs: the cost of purchasing the home and the cost of financing the …
Apr
07
Fourth in a 5-part series. Page 2 (Part L) of the HUD-1 Settlement Statement lists all of the “closing costs” associated with the real estate transaction. The majority of the costs are driven by the buyer’s lender, but not all of them. The terms of the negotiated real estate contract determine which costs are paid …
Mar
19
The phrase “homeowners dues” is an inexact term that typically refers to homeowners association dues or condominium association dues. Homeowners association dues are paid in neighborhoods where homeowners are required to belong to and fund a homeowners association (HOA). Such associations are typically created when a subdivision is originally developed. These are legal entities that …
Mar
19
An escrow account is a reserve fund that many mortgage lenders require borrowers to use. In addition to regular principal and interest payments (usually monthly payments), the borrower makes additional payments into the escrow account. Typically, these additional payments are for property taxes and homeowners insurance, but they may also include payments for mortgage insurance …