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Closing Costs: The Great Unknown of Real Estate Transactions

When I receive a call from a client and am asked to draft a real estate purchase agreement for a piece of property they are buying or selling, I am inevitably greeted with a moment of silence when I ask them how the closing costs are to be split for the transaction. The moment of silence is typically followed by these three questions: What are...

What Is Equity?

http://videotap.wistia.com/medias/ykoulo8v87?embedType=async&videoFoam=true&videoWidth=640 Equity is the value YOU own in property such as a house. It’s the difference between what’s OWED and what the property is WORTH in the current market. The example this video shows - you have a house worth $300,000 today and you...

What Are Real Estate Commissions?

http://videotap.wistia.com/medias/5vbswfz1x0?embedType=async&videoFoam=true&videoWidth=640 Like the video says - real estate agents aren’t paid by the hour!They’re paid a percentage of the purchase price in a successful real estate transaction. When one agent represents the sellers and another represents the buyers the...

What Is “Prime”?

http://videotap.wistia.com/medias/iiqlu5dn5v?embedType=async&videoFoam=true&videoWidth=640 The Prime Lending Rate - sometimes just called “Prime” - is the interest rate that banks charge each other for overnight loans. Some consumer rates - like ARMs - are set in relation to Prime. In the US, Prime is affected by...

What Are Discount Points?

http://videotap.wistia.com/medias/non9ob11h1?embedType=async&videoFoam=true&videoWidth=640 Discount points allow you to lower your interest rate. While this video simplifies things to help you remember, “points” are essentially prepaid interest with each point equaling 1% of the total loan amount. Generally, for each point...

What Is An Escrow Account? Do I Need One?

http://videotap.wistia.com/medias/0z2m9iym8b?embedType=async&videoFoam=true&videoWidth=640 As we show you in this video, an escrow account is an account, established by your lender, to set aside a portion of your monthly mortgage payment to cover annual charges for homeowner's insurance mortgage insurance (if applicable), and property...

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