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Real Estate Closing Costs

Down Payment Most lenders require at least 10% of the purchase price, though new programs are available for 3%-5% down. 100% financing can be found, but you credit must be excellent and PMI insurance will be required. Loan Origination Fee A lender’s fee for establishing a new loan. Government regulations allow only 1% origination fee on FHA or VA loans. Conventional loan fees can vary from -1 to 3+ points, plus other costs. A point is 1% of the loan….

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Boca Raton Real Estate Appraisals

Why a Real Estate Appraisal? There are many reasons why you need a real estate appraisal. Reduce property taxes, probate, estate planning, divorce settlements are some. The most common one is to obtain a mortgage. Most lenders are required by federal and state laws and current banking regulations to obtain an appraisal for most loans secured by real estate. As of Jan. 1, 1993, all appraisals made for mortgage loans from federally insured lenders and other federally related transactions must…

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