Mastering Prepaids and Closing Costs: A Step-by-Step Guide
We are extensively covering prepaids and closing costs to help you gain a firm understanding of these crucial aspects of the mortgage process. 🏠💰 #mortgage #mortgagebroker #realestate
🔎 What are Prepaids?
Prepaids refer to upfront expenses borrowers have to pay during the closing of a mortgage. These expenses typically include property taxes, homeowner's insurance, prepaid interest, and fees for escrow accounts. Our video will unpack each of these components, helping you comprehend why they are necessary and how they affect your overall mortgage costs.
🔎 What are Closing Costs?
Closing costs encompass various fees and charges associated with finalizing a mortgage. These can include loan origination fees, appraisal fees, title search fees, closing fees, and more. Our video breaks down the common components of closing costs, enabling you to understand what each expense entails and how you may be able to negotiate or reduce these costs.
Understanding prepaids and closing costs is essential for any prospective homebuyer or anyone planning to refinance their mortgage or purchase a new home. By comprehending the breakdown of these expenses, you will be better prepared to manage your finances and make informed decisions during the mortgage process.
🎥 Join us in this insightful video as we master prepaids and closing costs, clarifying their significance and providing valuable tips to navigate the world of mortgage expenses. Don't let these financial aspects overwhelm you – empower yourself with knowledge!
Stay tuned for our expert analysis, practical examples, and actionable advice to help you move closer to homeownership dreams on a solid financial foundation. Remember to like and subscribe for more videos on mortgage-related topics!
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TIMESTAMPS for Mastering Prepaids and Closing Costs: A Step-by-Step Guide:
00:00 - Intro
01:00 - Mortgage Junk Fees
01:55 - Prepaid Taxes and Insurance
04:42 - Closing Costs
08:35 - Get a Fees Worksheet from Your Lender
10:16 - Conclusion
11:07 - Outro
Mortgage Matters in Minutes Episode Episode 71
Licensing info: Brent Rasmussen, NMLS 5918 at Mortgage Specialists, LLC NMLS 2424
For licensing, go to www.nmlsconsumeraccess.org
Address: 8420 W Dodge Road #113, Omaha, NE 68114
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Website: mtg-specialists.com
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Mortgage Specialists, LLC for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Mortgage Specialists, LLC does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Mortgage Specialists, LLC. Mortgage Specialists, LLC and its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Mortgage Specialists, LLC is a limited liability company organized under the laws of the State of Nebraska. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture, or any other government agency.
Mastering Prepaids and Closing Costs: A Step-by-Step Guide
