Released on: October 8, 2008, 8:32 pm

Press Release Author: Madelene Semeria Century 21 Abigail Adams

Industry: Real Estate

Press Release Summary: Common closing cots associated with buying a home or selling
a home explained by Quincy Ma real estate agent, Madelene Semeria.

Press Release Body: 2008 -Looking to buy a home? Looking to sell a home? Closing
costs can add up so it is important to be prepared before sitting down at the
closing table. Many are taking advantage of this year's low mortgage rates to
purchase a home. Pent up with excitement, many families, who have scrimped and saved
for a down-payment, jump for joy when the mortgage lender finally approves their
application. But, they should realize that there's a whole new set of expenses that
must be covered before actually closing on the sale.
New homeowners are often taken aback by up-front closing costs such as mortgage
and title insurance, attorney fees, recording fees and loan points, which can
run into the thousands of dollars. But there is no need to be afraid of these
charges. With a little background on their purpose and shrewd financial
foresight, closings can be a breeze.
A lender's charge for processing the loan can be determined at the beginning of
your buying process. Referred to as "points," these charges are expressed as a
percentage of the total loan. For instance, three points are equal to 3
percent of the borrowed amount. "Points" can also become a tool for
negotiation with the lender and seller. In a buyer's market, home sellers will
often agree to pay mortgage fees in order to close a deal.
Title insurance can be a substantial expense. The policy covers any financial
set-back caused by unforeseen defects in the purchased property and home. The
one-time title fee, including search and examination, averages around $430 for
a $100,000 home, but it's recommended that you check with a local title
insurance agent ahead of time to effectively determine what you'll owe before
closing.
Additional costs, such as attorney charges, and recording, transfer and
inspection fees, can also be predicated ahead of time by the buyer. Most often
pest and survey inspections, although included in the official closing
statement, are conducted and paid for long before the closing date. However,
buyers should consider them as additional up-front costs.
Some closing costs, such as "points," are fully tax deductible that tax year if
you show proof of a separate lump sum payment. They are not deductible in a
few cases when the loan is the result of re-financing rather than a home
purchase. Application, appraisal, documentation and broker fees can not be
deducted.
Some states require payment of property taxes at closing. In some instances,
buyers and sellers are asked to put money into an escrow account that will
cover any past and future tax obligations. Be sure to check with an attorney
or real estate agent before the closing to determine your property tax
commitments.
Also, be prepared to pay any assessments if buying a condominium or into an
association-governed property. Fees for credit reports, notary public seals
and assumptions, which includes the processing of official documents, may also
arise.
Knowing what total closing costs will be before starting your home search
can help you better understand what price range is right for you. In the
end, the process of closing on a mortgage will be easier than you think,
leaving more time to plan for your new home.

ABOUT MADELENE SEMERIA

Madelene Semeria, (http://www.Ma-HomesForSale.com) a Quincy resident, is a member of
the National Association of Realtors and the South Shore Association of Realtors.
She has gained a great presence on www.Realtor.com by providing clients with
enhanced listings, which gain over twenty times as much traffic as regular listings.
Madelene Semeria strives to provide 100% professional quality service to all of her
current and future clients. Madelene Semeria always goes that extra step for her
clients. Madelene Semeria services Quincy, Weymouth, Braintree, Milton and
surrounding South Shore areas. Madelene is a well rounded real estate marketing
professional with a record of top performance in delivering successful marketing
initiatives. A result oriented team player with a wealth of experience in marketing,
internet marketing and public relations.
Madelene Semeria Real Estate Agent Quincy MA 617-894-1124 Ma_homesForSale@Yahoo.com



Web Site: http://www.Ma-HomesForSale.com

Contact Details: Madelene Semeria
(617) 894-1124
Century 21 Abigail Adams Quincy MA
Ma_homesForSale@Yahoo.com
http://www.Ma-HomesForSale.com