How much will I need to pay out of pocket?
This is highly dependent on the type of loan that you get and the terms of your agreement with the Seller
How much will I need to pay my Attorney?
It really depends. the best way to find out is to call or message a reputable attorney who services your area and ask. Be sure to ask what other fees they charge!
When does my Attorney get paid?
Your attorney will only get paid at the end of the transaction when the deal closes.
Do I need an Attorney?
An attorney is required for any real estate transaction involving title insurance.
Am I required to use “the banks Attorney”?
A attorney is a service that you are entitled to shop around for and you can choose one that is able to fit your needs.
Should I find an Attorney on my own, or ask my Realtor for a suggestion?
You can ask your realtor for any suggestions for an attorney to use or you can reach out to local attorneys that handle real estate transactions.
What does an Attorney do for me as a home purchaser in a Real Estate Transaction?
An attorney will represent you on all aspects of buying a home and will represent you. This includes drafting and negotiating the real estate contract, speaking with loan officers and mortgage brokers, and bank underwriters to make sure that the bank has all of the information it needs regarding the current ownership of the property you are buying. making sure the home you are buying has clean title. The goal for an attorney is to make the process very low stress and hands off for the buyer up until closing day when you are ready to sign.
When do I pay my Attorney?
Like other closings costs, your attorney fees in a Connecticut Real Estate Closing are paid at closing.
Who Pays My Real Estate Salesperson/Broker?
Realtor commissions are generally paid by the Seller, but it depends on the arrangement you have with your Real Estate Salesperson and their Broker. Most of the time, the Listing Broker offers a certain portion of the total commission to the Buyer Agent, and the Buyer does not directly bear the cost of their agent. This industry practice is currently in flux.
What are “points”?
Mortgage points refer to a form of prepaid interest in which you pay upfront in exchange for a lower interest rate and lower monthly loan payments. As a reference 1 mortgage point equals 1% of your loan amount. As a reference for a $200,000 loan, each point you pay upfront will reduce the loan by $2,000. Additionally, buying points only reduces interest rates on a fixed-rate mortgage and generally is not done with an adjustable rate mortgage.
What is the difference between a loan officer and a mortgage broker and which should I use?
A loan officer is employed by a single financial institution. They assist borrowers in applying for mortgages directly with that institution, focusing on its specific loan products. In contrast, a mortgage broker is an independent agent who works on behalf of the borrower to find mortgage loans across multiple lenders. While a loan officer is limited to the offerings of their employer, a mortgage broker provides a broader range of options, sourcing the best terms and rates from various lenders.
Do I need title insurance when purchasing a home?
The biggest advantage of having title insurance is the protection it gives in regards to the property's title. By getting title insurance, you are covered in the case of a faulty title, any outstanding liens or disputed in ownership during or after the closing. Title insurance is also a one-time payment (ranging between 0.5% and 1% of the purchase price) that gives you full coverage without reoccurring payments.
You can get a estimated quote by using this link.
What is included in a full title search?
A Title Search examines the property records of your property to determine that the Seller owns it outright. You almost never buy a home without a title search. A Title Search returns maps, easements, restrictions on use, and chain of ownership confirming that the property can be transferred without any clouds on the ownership.
What is included in the attorney fee?
This depends on the firm that you use. Many Attorneys will quote a flat fee for the Attorney fee, but charge additional services that their office actually provides. For example, Courier services, document preparation, private recording services, wire fees, etc, are common expenses that are sometimes not included in an Attorney fee. At TGL, we like to keep things predicable. So our fee includes any services that our office provides directly to or on behalf of the client. We only pass on expenses that are actually incurred on behalf of the client or the bank (Specifically: CPL fees, Title Insurance Premiums, government charges, and Search fees are specifically itemized)