Remove Title Remove Title search Remove VA loan
article thumbnail

The AOL debate rages on

Housing Wire

Fannie Mae dropped a bomb on the title insurance industry in April 2022, when it adjusted its selling guide to allow the purchase of loans using attorney opinion letters (AOLs). The title I have used to frame this discussion for the past few months is ‘storm warning or calm seas?’”

Title 369
article thumbnail

Closing Costs for Sellers: A Breakdown of How Much You’ll Pay

Redfin

On average, sellers can expect to pay between 6% to 10% of the sale price in closing costs , including agent commissions, transfer taxes, and title fees. They cover everything from real estate agent commissions to title insurance, escrow fees, and transfer taxes. Real estate commission 3%6% of sale price Negotiable Title fees 0.5%1%

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How Long Can a House Be Under Contract?

Norada Real Estate

Additionally, the type of financing being used, such as FHA or VA loans, can also impact the length of the under-contract period. Title Search Contingency The title search contingency allows the buyer to ensure that there are no issues with the property's title, such as liens or ownership disputes.

article thumbnail

Assumable Mortgages: What to Know Before Taking Over a Home Loan

Redfin

The seller must also be in good standing with their loan, meaning it cannot be delinquent. VA loans VA loans are specifically designed for eligible veterans, active-duty service members, and certain surviving spouses. to 1% of the original loan), title fees , and recording fees.

Loans 31
article thumbnail

Buying a House? Here Are the Mortgage Fees You’ll Pay

HomeLight

If you opt for a government-backed loan program, like an FHA or VA loan, you will likely have to pay certain fees connected with these loans at close. For example, FHA loans require an upfront mortgage insurance payment, currently 1.75% of the loan amount. Title-related fees. Government program fees.

article thumbnail

How Long Does It Take to Close on a House From Start to Finish?

HomeLight

Broken down by type of loan, you can expect the following: . Conventional loan. Clear title: 15-30 days. Donaldson estimates a two- to four-week wait to receive a title report or abstract of title after the contract of sale is fully signed, depending on the location. Title issues: (~11% of delays).

Closing 116
article thumbnail

How Much Are Closing Costs in Massachusetts? (And 5 Ways to Reduce Them)

HomeLight

These costs typically include fees for services such as title searches, appraisals, legal fees, recording fees, mortgage insurance, and taxes. Additional costs: Prepaid points (optional): Your lender may allow you to buy down the interest on your loan by paying prepaid points at closing.