Re: Newbie with questions

Posted by 2responsible (63.186.8.142) on September 23, 2003 at 16:46:39:

In Reply to: Re: Newbie with questions posted by Kim on September 23, 2003 at 13:48:13:

FYI: Be very, very wary of online mortgage providers when you ultimately do purchase a home. I have had 3 encounters with these folks (myself, friends and family), and every single one of them charged an outrageous amount for "closing costs." Usually added about $10,000 or better to a mortgage. Closing costs - not including money you may be required to put down on a home (3-5% of the home price for an FHA loan) - should run about 3% of the cost of the home (i.e. a $100,000 home will be about $3000 in closing costs.) Refinancing a home is about half that. You may want to talk with a realtor now to get a rundown on the costs you need to save for, how much home you can afford to buy, etc. Buying a house is a lot of work, but well worth the effort.

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