Aurel Garban - Unlimited Sotheby's International Realty


Once you have found the home that you want to live in, put in the offer, and start the process of closing on a home, you may feel like you’re “home free.” The hard part may technically be over, but there’s one more important thing that you need to think about before you get the keys to your place: Closing costs. 

A few days before you head to sign all of your paperwork to close on the home, your lender will send you a detailed report of different closing costs that you need to pay upon the settlement of the property. 


Closing Costs Defined


Closing costs are what you pay to the lender and third parties. These are due at the time of closing on the property and must be paid up front. You should estimate that your closing costs will be between 2 and 5 percent of the purchase price of the home.


Everything Included In Closing Costs


Closing costs cover both one-time and recurring fees that are a part of your home purchase. The one-time fees are things that are generally associated with buying the home. These would include attorneys fees, lender fees, home inspection fees, document prep fees, underwriting fees, credit report fees, and realtor fees. You’ll also need a bank issued check for your down payment at this time.  


At closing, an escrow account will be set up. This is like a forced savings account that will be drawn from to cover things like taxes, insurance, loan interest, and title insurance. These are all very important costs that are a part of buying a home.     


Do Your Homework Ahead Of Time


The best way to deal with closing costs is to be prepared ahead of time. Talk to your lender in order to get an estimate of the closing costs. From there, you’ll need to decide if you need to finance your closing costs or simply pay them up front. There are advantages to both approaches. Sometimes, lenders will look at you as less favorable if you need to finance all of your closing costs. It all depends on the terms of your loan. This is why research is vital.


Compare Rates And Lenders


It’s important not to go with the first lender you talk to. Get some recommendations from your realtor and friends to see who might be a good fit for you. Every lender specializes in something different, so you want to be sure that who you chose is a good fit for you. 


The most important thing that you can do with closing costs and the financing of your home is to get educated!     




23 Greenough, Cambridge, MA 02139

Condo

$2,500,000
Price

9
Rooms
4
Beds
4
Baths
Luxury and serenity at 23 Greenough. This eloquent, extensively renovated duplex condo brings the beauty and convenience Cambridge is known for. With four bedrooms, four-and-a-half baths, and two off-street parking spaces, this home brings luxury and value under one roof.The open floor plan begins with a high-end living room featuring a stunning fireplace, expands towards the dining area and into the modern eat-in kitchen outfitted with Thermador appliances. Off the living room is an exclusive balcony providing a tranquil space to relax and entertain. The Grand master bedroom has an en suite bath with double vanities, and private master closet. Full-sized windows fill the finished upper level with direct sunlight. This floor hosts two bedrooms, two bathrooms, laundry room and a recreation area with a wet bar. Convenient location by Harvard, Cambridge Library, Darwin Coffee, medical facilities and public transportation. In construction now, photos and finishes from a similar listing.
Open House
No scheduled Open Houses

Similar Properties



This Commercial in Cambridge, MA recently sold for $3,100,000. This style home was sold by Aurel Garban - Unlimited Sotheby's International Realty.


8 Winter St., Cambridge, MA 02141

East Cambridge

Commercial

$3,000,000
Price
$3,100,000
Sale Price

1
Buildings
Commercial
Type of Comm.
7,404.00
Lot Size
Premium location in East Cambridge on the corner of Third Street and Monsignor O'Brien Highway. Excellent opportunity for redevelopment and is conveniently located inside of the ECHO (East Cambridge Housing Overlay) district. Existing zoning is BA (Business A) which allows for numerous uses including residential single and multifamily housing, lodging house, health care, office, retail, mixed-use, marijuana dispensary and more. Extremely close proximity to Boston proper, Cambridge crossing, Kendall Square, Green & Redline T-stops, and Rt. I-90 & I-93. The property sits amidst the densest concentration of intellectual property in the world including 62 public companies with a combined market value of $170 billion. The parcel further offers on-site parking, handicap accessibility, and many possibilities to reposition the site to match the rapidly growing neighborhood around it.





23 Greenough, Cambridge, MA 02139

Condo

$2,400,000
Price

9
Rooms
4
Beds
4
Baths
Luxury and serenity at 23 Greenough. This eloquent duplex condo is a full gut-renovation bringing you the beauty and convenience Cambridge is known for. With four bedrooms, four-and-a-half baths, and two off-street parking spaces, this home brings luxury and value under one roof. The open floor plan begins with a high-end living room featuring and stunning fireplace, expands towards the dining area and into the modern eat-in kitchen outfitted with Thermador appliances. Off the kitchen is an exclusive deck overlooking a tranquil backyard. The home’s grand master bedroom has an en suite bath and double vanities, as well as a private master closet. Full-sized windows fill the finished lower level with direct sunlight. This expansive floor hosts two bedrooms, two-and- a-half bathrooms, laundry room and a recreation area with a wet bar. Convenient location right by Harvard, Cambridge Library, Darwin coffee, medical facilities and public transportation.
Open House
No scheduled Open Houses

Similar Properties



If you’re a first-time buyer, odds are you’ve never seen or heard much about mortgage applications. However, for something as important as buying a home, it pays off to go into the process knowing what to expect.

Mortgage applications aren’t all that complicated in and of themselves. Most of the time, your chosen lender will walk you through the process and answer any questions that arise. However, complications do arise when it comes time to provide documentation on things like your income.

To make things easier for your first application, I’ve put together this list of frequently asked questions that first-time buyers often have about their mortgage application process.

Will applying for a mortgage hurt my credit score?

Mortgage lenders will run a credit inquiry to help determine your lending eligibility. There are two types of credit inquiries: hard and soft. A soft inquiry is a quick credit check that doesn’t affect your credit score. A hard inquiry, on the other hand, does. This means your score will be lowered slightly for a few months and then will bounce back.

Mortgage lenders run both types of inquiries. For quick, pre-qualifications, lenders typically run a soft inquiry. Then, as you progress through the approval process, they’re run a detailed credit report (hard inquiry).

What information should I have available?

Lenders will ask you for various documents. The most common things they will ask for include proof of income in the form of  W-2 forms from the previous year and your most recent pay stub. They will also require a record of your other debts, including student loans, auto loans, credit card debt, and any other outstanding debt that you owe. Finally, they will ask for an inventory of your assets. This could include investments, properties, auto titles, and more.

What if I don’t work a conventional job?

People who are self-employed or have unconventional income can still qualify for a loan and will still be required to show proof of income. Lenders may ask for Form 1099 records, tax returns, or any other record or proof of income you have available.

How long does it take to complete an application?

Mortgage applications can be completed as quickly as you gather the required documentation. However, there’s more to getting approved for a mortgage than filling out an application. There will be time needed to process the application, and underwrite your mortgage. This entire process typically takes between 30 and 45 days.

Is it safe to apply for a mortgage online?

Most lenders allow you to start the application process online and their online portals are typically secure. Make sure you check your browser window to ensure that the connection to the site is secured, and you should have nothing to worry about.

Keep in mind that most online applications are designed to get you  prequalified and on your way to getting a mortgage. So, if you want to avoid getting calls from the lender, you might not want to enter any data until you know you’re interested in borrowing at this time.





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