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Answers (3)
- Darcy Logan, "Darcy.Logan"
- Contributions:18
These replies offer very good advice. Get GFEs (good faith estimates), not just the lender "guide," which isn't binding. Local lenders are very good at providing accurate estimates for this area, as well as excellent service. Please let me know if I can provide a few good lender referrals to you.
- Cory La Scala, "San Diego CA Realtor"
- Contributions:419
A Good Faith Estimate is a good start, but it won't answer your question. Get a FEW of them for the same product with the same interest rate. For example get four "GFE's" for your home using one value and one likely interest rate. And, don't choose by interest rate, all lenders are pretty competitive when it comes time to set a rate, and rates can actually change several times a day. Use the GFE's to compare fees. Good luck!
- Hamp Yonce, "Zilluminati"
- Contributions:3463
It varies depending on the County that the property is in. The best way to determine them is to apply and get a Good Faith Estimate from a reputable Mortgage source.
The tax escrow account depends on when the taxes are paid. This too varies by County. Here's the general calculation thinking. How many payments will I make before the taxes are due? If the answer is six and the taxes are for the whole year, then you will have to put six months worth of taxes in the escrow account.
There also may be a cushion in the escrow account so it may actually end up being seven. Some Lenders want the escrow account to have full amount when the bill is sent out, rather than when it is due, so this could increase the needed months one.
Find a local LO you trust and ask them these questions, for more exact details.
The tax escrow account depends on when the taxes are paid. This too varies by County. Here's the general calculation thinking. How many payments will I make before the taxes are due? If the answer is six and the taxes are for the whole year, then you will have to put six months worth of taxes in the escrow account.
There also may be a cushion in the escrow account so it may actually end up being seven. Some Lenders want the escrow account to have full amount when the bill is sent out, rather than when it is due, so this could increase the needed months one.
Find a local LO you trust and ask them these questions, for more exact details.
What should the fees and closing cost be for a refi?
How do you determine the fees and cost of a refinance?Is their a guide of what the costs should be.How many months should I pay in advance for a escrow account for taxes only?
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