Top 15 Closing Costs to Know When You Buy a Home

Top 15 Closing Costs to know when you buy a home:   The main Closing Costs typically include: 1. **Loan Origination Fees**: Charged by the lender for processing the new loan. 2. **Appraisal Fees**: To assess the home’s value for the lender. 3. **Credit Report Fees**: For obtaining your credit history from credit bureaus. 4. **Title Insurance**: Protects the lender and possibly the buyer against problems with the title. 5. **Escrow Fees**: Paid to the company overseeing the closing process. 6. **Recording Fees**: For recording the new deed and mortgage with the local government. 7. **Survey Fees**: For a property survey to confirm property lines. 8. **Attorney Fees**: If an attorney is involved in the closing process. 9. **Home Inspection Fees**: For a professional inspection of the property’s condition. 10. **Pest Inspection Fees**: In some regions, a separate termite or pest inspection is necessary. 11. **Homeowners’ Insurance**: Typically, the first year’s premium is paid at closing. 12. **Property Taxes**: Buyers often need to pay a portion of the property taxes upfront. 13. **Prepaid Interest**: Interest on the mortgage that accrues from the date of settlement to the first monthly payment. 14. **Private Mortgage Insurance (PMI)**: If your down payment is less than a 20%, you might need to pay the first month’s PMI. 15. **Transfer Taxes**: Taxes for transferring the title from the seller to the buyer.   Closing Costs vary by property: The specific costs can vary based on the location, type of property, and loan details. Buyers should receive a Closing Disclosure form from their lender that outlines the exact costs they will incur. Buyers and Sellers can obtain a summary of potential Closing Costs from an escrow company, an experienced Title Officer or an experienced Real Estate Team. 📲Contact me for more details ⚜️Iryna Iniguez ⚜️Realtor, DRE 02067232 ⚜️P. 760.848.6244. ⚜️Coldwell Banker West #realestate #sandiegorealestateagents

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Save on Property Tax!

California Homeowner, Save your Property Tax! Did you know that you can transfer your property tax base from your primary residence to a new primary residence using PROP-19 rule? What is PROP-19? It’s a California state law that allows homeowners to transfer their property tax base from their current home to a new primary residence within the state. Must be your principal residence Purchase or newly construct replacement home within 2 years of sale of original home. Anywhere in California You can transfer three (3) times No limit to market value of replacement compared to original but market value difference added to transferred value Who is eligible? person over 55 years old disabled victims of a wildfire or natural disaster in California. children receiving property from parents grandchildren receiving property from grandparents Watch a video of San Diego Tax Assessor explaining how it works Contact me if you wish to have a stress-free and rewarding real estate experience! Iryna Iniguez Realtor ® DRE 02067232 760.848.6244 email: irynainiguez@gmail.com  

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