Closing Costs Assocation with your Downtown San Diego Home Purchase

July 6th, 2015

“Closing costs are often the last thing a person thinks of when buying a Downtown San Diego Condo. While closing is the joyous moment the downtown condo becomes yours, the costs can be surprisingly aggravating.

When you purchase a home, condo or other property, you will go through a period known as escrow. During escrow, various issues related to the property transfer are worked out. The last day of escrow is known as the closing day and you are going to be paying closing costs.

Here’s a list of typical costs:

Escrow Fees: An escrow agent is essentially a third party that works with the seller and buyer to finalize the transaction. For this assistance, the escrow agent will charge a fee. Depending on your area and the agent, you can expect fees from a few hundred dollars to around a thousand or so. Make sure you find out the fees before picking an escrow agent.

Home Loan: Obtaining a home loan in the current market is a highly subjective event. “Points” can be a major cost associated with home loans. A point usually equates to 1% of the loan. On a loan of $300,000, one point would equal $3,000. If you have excellent credit, you can shop for a loan that doesn’t require you to pay points.

Home and Title Insurance: Insurance for your home and title are a must. If you are borrowing money to purchase the home, each is mandatory. If you are using your own funds, you should still get both forms of insurance. As each name implies, they provide insurance against issues involving your home and problems with the title transferred to you. You want to have clear title.

PMI: Private Mortgage Insurance, “PMI”, is mandatory if your down payment is less than 20% of the purchase price. You can expect to pay a few hundred dollars a year in PMI.

Inspections, Appraisals and Miscellaneous Fees: In the home purchase process, you are going to use a variety of services to validate the property is your dream home. These services come with fees and you can expect to pay for home inspectors, appraisers and the like.

Closing escrow on your Downtown San Diego Condo should be one of the happier days in your life, particularly if it is for your first home. Make sure you know the costs associated with it so you don’t have to spend the day running around borrowing money.”

The Latest Headlines

7 Simple Steps To Downtown San Diego Investing

Whether you are brand new to real estate investing or an expert in the game, it’s critical that you understand these 7 Simple Steps to investing in Downtown san Diego real estate. Step #1......

read more

Makers Quarter™ – Coming Soon to San Diego

Makers Quarter™- Coming Soon to San Diego   For more information about San Diego’s upcoming creative district, visit: www.makersquarter.com. Contact the Neuman & Neuman Team for insights about living in this exciting Downtown......

read more

Sapphire San Diego Market Updates

Sapphire – Market Updates Completed in 2008, Sapphire Tower is divided into three different low density designs – the Cosmopolitan Series, the Sapphire Series, and the Penthouse Series. This condominium tower is......

read more

Bayside San Diego Market Updates

Bayside – Market Updates If you’re looking for a vibrant, cosmopolitan lifestyle, Bayside will suit your needs wonderfully. Built by Bosa Development in 2009, the community offers exceptional panoramic views, incomparable amenities......

read more

Downtown San Diego March 2013 Events

March 1-3 Spring Home and Garden Show Held at the Del Mar Fairgrounds, San Diego’s Spring Home/Garden Show gives you the opportunity to meet and question the 20 Garden Masters and explore......

read more

El Cortez San Diego Market Updates

El Cortez – Market Updates The historic El Cortez, designed by Walker & Eisen Architects, has become a treasured landmark in Downtown San Diego since its completion in 1927. Built on the......

read more

Ten Ways to Find Downtown San Diego Investment Properties

If you really want the best Downtown San Diego investment properties, you have to increase your odds by finding more deals. Who is more likely to get a CityFront Terrace Condo, an......

read more

Money making upgrades for San Diego Condo Owners

The warm and sunny seasons of spring and summer are still months away but owners of San Diego condos are already starting to come up with ideas in making sure that their......

read more

The Metropolitan San Diego Market Updates

The Met – Market Updates The Metropolitan is a one of a kind community in Downtown San Diego. The units are artfully designed private urban residences located atop the Omni San Diego......

read more

Doma San Diego Market Updates

Doma – Market Updates Doma consists of two distinct buildings in historic Little Italy, and is bounded by Kettner Boulevard and Fir, Date and California streets. The architecture, as seen in the......

read more

Get Listings and Articles Delivered Straight to your inbox