Get Away From Housing Closing Costs! Tips For First Time Home Buyer Mistakes With Jennifer Beeston

All About Closing Costs. Yes, You Need to Pay Those Unless...

Things you need to know about closing costs

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Jennifer Beeston, SVP Mortgage Lending, Guaranteed Rate Mortgage

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[russlea]

Budget half of your investment capital for your down payment (20%) and the rest for closing, utilities, moving, and furnishing.

[leonelmartinez]

I'm in arizona, buying a house here in Phoenix you would lose your offer if you don't pay for closing costs and at least $10, 000 on top of the appraisal. This would have worked a few years back but not now.

[farmfitnesspham]

Did she said California I thought they all rich in California

[ztv]

Im about to sign a contract for 650k and the house is only priced for 635k realtor is saying we have to put that offer to put us on top.

[downtoearth]

It closing cost are same thing with lender fee?

[werenkulap]

here's the smoke sign poopaapeepeippohh, i need a lender's rate match-up. not locked in yet but was given 3.5%

[GreaseMonkChronicles]

Hi Jennifer love you videos, very helpful content. I have a really dumb question if you can please help with. I’m looking to buy a home that is 650k, which is a median price for 1 family in NYC. My problem is I only have $3000 in my bank account. I’m a horrible saver. I make $98000 without overtime, my credit now is 750. I have a $3000 credit card debt and $7000 car loan. On this home purchase my aunt is willing to help me with a 130k in cash, which I was looking to put partial down and closing cost. Now if put this cash in my Bank account will this money be counted for. Thank you

[jameso.]

Hi Jen, Is a buyer's earnest money automatically set aside by the lender for closing costs?

[millennialmoneyprogress]

Great video as always, Jen! I appreciate your point about closing costs varying depending on the loan amount. I'm in Los Angeles and really only have 5% down now but want to at least get to 10% within the next year (more comfortable with the monthly payment at 10%) for a maximum of 600, 000 purchase price. Do you think the percentage in closing costs for a 5% vs. 10% down would be significant?

[sonboogie]

Preparing for my first home purchase. You are tremendously helpful. Thank you for the material.

[nielapalmer]

I'm closing on home that is125, 000
The closing cost is $15, 000. Seems a little high to me. Is this normal?

[kongstrong]

What is the best time of the month to close on a house? I don't want to close on the 15th and have to pay on the first.

[UltimateBargains]

Why am I reminded of "Seven of Nine"?

[Camarolvr]

You can roll your closing cost into the loan right???

[jdanorthwest]

Rolling closing costs into the loan or paying a higher price and receiving a credit for closing costs is just a scam the real estate / mortgage industry people came up with that leads to higher and higher property values. I doubt, however, that many real agents understand this because they all seem so dumb when they explain it. It's a wash to the seller unless the higher price doesn't match the appraisal, then things get a lot more complicated. In a seller's market this is a non-issue because the seller doesn't need to negotiate much if at all but in a buyer's market you're better off to just negotiate a lower price than to ask the seller to pay some of the closing costs and pay a higher price for the property. (Don't forget, higher prices also lead to higher property taxes eventually) Trust me sellers get just as confused by this real estate agent mumbo jumbo as the buyers do. Some times you just have to tell the selling agent to stuff it and stop giving their client bad advice! Now if the seller is both a jerk and an idiot and they refuse to lower the price but are willing to pay some closing costs let the fool do it ... just don't let them see you shaking your head.