Often the biggest of the closing costs, the Brokerage Commission is paid by the seller to the real estate broker as compensation for the sale and the marketing of the property to potential buyers. The Brokerage Commission is typically calculated as a percentage of the sale price, though agreements between the seller and real estate agent can change this.

It’s pretty hard these days not to get bombarded with offers to refinance your mortgage, but what exactly does it mean to refinance and why do people do it? Here are some answers.

What is Refinancing?

At its most basic, refinancing is changing the terms of your financial obligation for another one. In terms of a mortgage, this generally means changing the terms to something more beneficial to your situation and that typically saves you money.

Why Do People Refinance?

There are a lot of different reasons why people refinance, but it really comes down to five main reasons:

1. Better interest rates
2. Consolidating debt into a single loan to pay off
3. Reducing monthly payments by extending the length of the loan
4. Reducing or altering the risk on the loan, such as going from a variable-rate to a fixed-rate
5. To free up cash

Any and all of these are good reasons to refinance, but the first and fourth reasons in particular are a great way to go from a mortgage with a high interest rate, or one that keeps changing on you, to one with a much lower interest rate that stays there and can save you money, potentially thousands in the long run.

Last Thought

Just like when you first got your mortgage, there can be closing costs associated with refinancing, so be sure to look for a company offering zero closing cost mortgages on refinancing as well to save yourself even more money.

A survey is used to confirm the size and dimensions of a lot, as well as to check for any encroachments. The survey fee is used to pay for the survey and can be paid by either party, depending on the contract. The survey fee will most likely be required by institutional and commercial lenders to check not only the lot, but any structures on that lot.

So you’ve decided to purchase a house. Congratulations! Since this is your first time purchasing a home, you might not know exactly what to expect when you go to closing. Here’s a (very) brief look at what to expect when you show up to get the keys to your house.

A Lot of Name Signing

You are going to have to initial and sign your name on a LOT of pieces of paper. The mortgage company should provide you with a pen, but if you have one that’s easier on your hand, it might not hurt to bring it. When this much money changes hands, everybody wants your John Hancock for their records.

Be Ready to Ask Questions

When you go to closing you’ll have to sign a lot of documents, but before you sign them, they’ll be described to you. Some are fairly straight forward, others aren’t. There’s nothing wrong with asking about the ones you don’t know about as some of the closing options may actually be optional and not something you want.

Know What (If Any) Costs Are Due That Day

Thanks to CapCenter you can get a zero closing costs mortgage, but if you went with somebody else, know how big of a closing check you’re going to have to write. Your mortgage company should have told you, but be prepared either way so that you can get your keys on the day you planned.

The Document or Transaction Taxes can be paid by either part, or in some cases both parties. The location (or jurisdiction) can determine which party is responsible for this particular closing cost. Required by law, this closing cost is charged by a governmental entity as an excise tax upon the transaction.