#19 - The 20 Whats of Home Mortgage

19. What are Closing Costs- Are the costs associated with closing the transaction. Throughout the industry these fees are generally the same. These fees are lender fees such as:


• Processing fees

• Underwriting

• Doc Prep

• Appraisal

• Wire

• Credit Report

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Other fees include Title Fees, they are for:

• Title insurance

• Notary

• Recording

• Transfer Tax

• Escrow Transaction

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If you desire or are required to have impounds (which we discussed earlier) you will need to pre-pay:

• 1 year homeowners insurance

• 3 to 6 months monthly taxes up front.

• Do not forget your DOWN PAYMENT

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Keith Woeste


Home Loan Consultant

American Financial Network

330 Tres Pinos Rd.,Ste F3

Hollister, CA 95023

"Making Clients Family for Life"



PH.831-801-8667

FX. 831-665-5260

NMLS#292588

To complete and secure online application go to http://www.hollistermortgage.com


http://www.onlinemortgage-lenders.com

http://www.repairmy-fico.com

http://www.hollistermortgage.com/

http://www.mortgages4california.com

Can I buy a home after a short sale, or foreclosure?

     What are the rules regarding Foreclosures, Short Sales and Bankruptcy? -    For foreclosures and short sales the minimum time before you can buy a home again is 3 years.   There are a few exceptions one is, if you had a short sale, but remained current throughout, you can get a new home loan in less than 3 years.  There are also extenuating circumstances such as death of primary provider. 

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 For bankruptcy (BK) the time period on chapter 7 is 2 years for BK discharge.  If a mortgage is included it will be considered a foreclosure then it is 3 years.   Note. Something we are seeing more is, If you had a second on a property that had foreclosed and the second lien holder did not release you from the debt, it will need to be settled before you can purchase a home.

Morgan Hill Mortgage Lenders

For more info call me

Keith Woeste

Home Loan Consultant

American Financial Network

330 Tres Pinos Rd.,Ste F3

Hollister, CA 95023

"Making Clients Family for Life"



PH.831-801-8667

FX. 831-665-5260

NMLS#292588

To complete and secure online application go to http://www.hollistermortgage.com/

http://www.onlinemortgage-lenders.com/

http://www.repairmy-fico.com/

http://www.hollistermortgage.com/

http://www.mortgages4california.com/