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

Park Terrace San Diego Market Updates

Park Terrace – Market Updates Across the street from PETCO Park and the Ball Park Village are the two towers of Park Terrace. These 223-unit mixed use buildings are 14 stories tall......

read more

Questions to Ask when Financing your Downtown San Diego Condo

“Home finance has blossomed into an incredibly diverse and complicated industry. This is good and bad. There are at least a hundred ways to borrow the money for your Condo now. There......

read more

Watermark San Diego Market Updates

Watermark – Market Updates Influenced heavily by European architecture, The Watermark is located at 650 Columbia Street in the Marina District. It features a variety of residences and amenities as well as......

read more

Downtown San Diego June 2013 Events

June 1st San Diego Century Bike Tour Choose between one of the three grueling courses: 37-mile, 66-mile, or 103-mile. The event starts and finishes at Mira Costa College in Encinitas. 6 a.m.......

read more

Porto Siena San Diego Market Updates

Porto Siena – Market Updates Located in Little Italy, Porto Siena offers 88 units in a 6-level building. Completed in 2002, this complex is features architecture and styling reminiscent of an Italian......

read more

Element San Diego Market Updates

Element – Market Updates Contemporary design, unique floor plans, a coveted location, and incorporated retail space make up Element, an eight-story complex situated at the Southwest corner of Market Street and 15th......

read more

Downtown San Diego October 2013 Events

The Haunted Trail of Balboa Park Through Nov. 2 A haunted forest in the darkness of night is beckoning for you to come and walk upon its trail. Are you ready to......

read more

Closing Costs Assocation with your Downtown San Diego Home Purchase

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

read more

Alta San Diego Market Updates

Alta – Market Updates Featuring unique architecture from Australian development group Anka, contemporary loft styling and a supreme location, Alta, located in East Village, lends some of the most modern conveniences found......

read more

Get Listings and Articles Delivered Straight to your inbox

  • This field is for validation purposes and should be left unchanged.