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Real Estate Investment Property Closing Costs
Changes in the Real Estate Settlement Procedures Act (RESPA) that took effect on January 1, 2010 require lenders to fully disclose all closing costs – including the costs of obtaining a loan and estimated costs for title insurance, settlement and other services – within three days after a buyer applies for a mortgage.
Now homebuyers will no longer be left in the dark about closing costs – which account for an average of 5% of the purchase price.
Find out how you can lower your closing costs by following these tips
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. New RESPA Rules Enable Shopping for Closing Services is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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Love the positive outlook towards the new GFE and HUD-1 for 2010. We encourage our clients to shop around. These new forms will require loan originators to educate their borrowers, which is a good thing and something we enjoy doing.