by kramoltz@hotmail.com | Mar 1, 2022 | Mortgages + Lending
With the new year comes a change in reverse mortgage programs. As before, you must live in the home as your primary residence and must complete a financial assessment. But the maximum loan amount has risen from $822,375 to $970,800 as of January 1, 2022. The loan...
by kramoltz@hotmail.com | Oct 19, 2016 | Home Buying, Mortgages + Lending, Selling Your Home
Loan Related. Like many pre-paids, these are the sums paid to the buyer’s lender or as a result of the lender’s requirements. Examples include a credit report fee, flood certificate fee, and a tax service fee. Fees payable directly to the lender, such as...
by kramoltz@hotmail.com | Sep 13, 2016 | Home Buying, Selling Your Home
HOA Related. If there is a homeowners association, the dues – whenever collected (monthly, annually, etc.) will be prorated between buyer and seller. If there is a transfer fee charged by the HOA, it is a negotiable item under the AAR contract, so either party...
by kramoltz@hotmail.com | Aug 18, 2016 | Home Buying, Title Insurance + Escrow
PrePaids. These are buyer costs for things like real estate taxes, homeowners insurance, and loan interest. Real estate taxes are prorated between buyer and seller based on what time of the year a closing occurs, and the buyer pays its share up to the date of closing...
by kramoltz@hotmail.com | Jul 11, 2016 | Home Buying, Selling Your Home, Title Insurance + Escrow
Escrow and Title. The 2 main costs charged by escrow companies in Arizona are the escrow fee and the premiums for the title insurance policies. The standard AAR contract used here states that the escrow fees will be split equally between buyer and seller, and the...
