Mortgage Closing CostAre you planning to buy a new house or refinance your current mortgage.  I recently did this just a few weeks ago and one of the looming questions going through my head was how much are the closing cost going to be.

The truth is closing cost can vary by location, by loan type, and even by the lender you happen to be going with.  In this article I’m going to give you a complete breakdown of the mortgage closing cost I paid and exactly what was all involved.

Fee #1:  Appraisal Fee  $300

The first fee I had with my loan was my appraisal fee which cost me $300 in all.  This fee will vary by appraiser but I’ve seen them as low as $250 and as high as $450 in my area.

Quick Tip: Ask your bank who their appraiser is, find out what they charge, and ask to see if you can pick an appraiser with a lower fee.

Whenever you are doing a mortgage there must be an appraisal done on it.  Typical appraisals will base the value of your home on the value of 3 other similar properties that recently sold in your area, and if those properties sold fairly high the value of your home may be higher as well.

You are also entitled to receive a free copy of your of your appraisal and see exactly which properties they used to value your property.

Fee #2: Credit Report $37

The next fee I had was a $37 fee to check my credit scores.  Like the appraisal this is a required fee and the lender must pull your credit.

Quick Tip:  You are also entitled to see a copy of your credit report and score when your lender pulls it.

If you want save a little extra money on your interest cut down your debt and don’t miss a payment on anything.  One missed payment or to much debt may raise your interest rate or even worse you may not get the loan at all.

Fee #3: Flood Certificate $11

The next fee I had on my closing cost was for a flood certificate.  This is a basic evaluation done to prove that your property is not sitting in an area that could be easily flooded out.  What’s kind of interesting about all of this is their is a creek that runs through my backyard but it would take an awful lot of water to get close to my house.

On top of that I’ve seen some pretty hard storms come through since I’ve moved into my house and I’ve yet to see the water come anywhere close to overflowing the creek banks. This fee may not be included in all closing cost, and it may just be for the fact that I have a creek in my backyard that I need to have it done.

Fee #4: Daily Interest Charges $23.58

This next fee is a bit of an odd one.  When you close on your loan a daily interest charge will be added depending on the day of the month you close on your loan.

Quick Tip: Try to close your mortgage on the last day of the month so you will only have to pay one days worth of interest.

The way the daily interest charge works is if you close your mortgage on the first day of the month and there are 30 days in the month you would owe $23.58 times 30 days, adding up to $707.40.  I should also mention the daily interest charge can vary depending on your bank and the rate you have.

In my case it only cost me $23.58 because I was able to close on the last day of the month.

Fee #5: Title Services & Lenders Title Insurance $1023

Fifth on the list of fees was the title services and the lenders title insurance.  These are also standard things you will find with any closing cost.  Typically what happens here is a lawyer will have to preform a search on the deed to make sure their is no lien and that everything is correct.

Title insurance is also applied to insure that everything is correctly stated on the deed and protect in the event that something has been declared false.  The fees for these services can usually be fairly expensive and are one of the bigger cost in closing a mortgage. To learn more about title insurance check out this article.

Fee #6: Deed $156

Once the title services have been preformed the deed for your mortgage must be printed and recorded.

Quick Tip:  Make sure the property is deeded in both spouses names because if one of you should happen to pass on you will not have to go through probate to get it back.

Your deed will contain everything from a description of the property, the names of the grantor and grantee, to the proper legal language to that will actually transfer the property.  For  more in depth information check out this article.

 Fee #7: Property Survey $200

Finally, depending on the type of loan you are doing you may need a property survey done.  In my case I had to have one done since my house was brand new.  The purpose of it was to prove that my house was properly positioned on the property and that it wasn’t sitting on a property line.  In my case everything checked out OK.

Now if you are doing a refinance on your current mortgage a survey will not have to be preformed unless you have done some sort of structural improvement to the property such as adding on to your house.

Total Mortgage Closing Cost

In all my total closing cost was $1750.58 which isn’t to bad.  This is actually lower than most other closing cost I’ve seen.

Quick Tip: Larger banks and lenders such as Country Wide and Bank Of America will charge around $3500 while smaller banks will typically charge less.

Finally,  know that banks are required to show all the fees involved with your closing cost and most if not all lender will disclose these things but may not go into to much detail with them.  So make sure you take the time to ask what every fee is if you don’t understand it and in the end it will give you a better understanding of how the entire process works.

Do you listen to podcast? If you’re not it’s time to start paying attention. Podcast are becoming one of the top ways to consume content these days next to reading blogs and watching video.  In fact, millions of podcast are downloaded each and every day right to peoples mobile devices and computers.

What’s great about this is it lets you consume content on the go without having to take the time out of your day to read a blog post or watch a video.  So whether you’re at the gym or relaxing at home you can listen to podcast and consume the content you like.

Personally I like to listen to podcast at work since my job allows me to do that.  That way I can learn about new things and improve myself all at the same time.  So here are a few podcast that I listen to.

The Smart Passive Income Podcast

Smart_Passive_Income_PodcastThe Smart Passive Income Podcast has been one of the top podcast on itunes for the last few years now and every episode is packed with tips and how to information on how to build a passive income online.

Whether it’s doing videos, podcasting, or even building a niche site Pat is very knowledgeable at building an income online and if you don’t believe me just check out one of his income reports online.

In the month of May he earned over $58,000 in net income, which is astounding for only getting in the game just 5 years ago.   On top of the great income he has had some stellar guest on his show such as Tim Ferris and other to notch internet marketing professionals.

Check out Pat’s podcast today and you won’t be disappointed.

This Is Your Life

This_Is_Your_Life_PodcastIf you haven’t heard the This Is Your Life Podcast with Michael Hyatt you are missing out.  This podcast is all about improving your life skill and becoming a better you, from becoming a better morning person to what you should do before you quit your day job.

Each episode last between 30 and 40 minutes and is jam packed with tons of great tips improving your life.  Ever since I’ve started listening to this podcast it’s helped with all kinds of things from the way I handle emotions to being more productive.

When it comes down to if you want to be successful in life you need to learn the skill to make it happen and Michael is definitely the guy to do it.   So check this podcast out today.

Affiliate Buzz

Affiliate_Buzz_PodcastThe Affiliate Buzz with James and Arlene Martell is one of the oldest podcast on affiliate market marketing to date, starting in 2003.   Covering everything from how to set up an affiliate website, email marketing, to running your own affiliate program, this podcast is your go to place to learn about affiliate marketing.

What’s kind of awesome about this podcast is that I had the chance to meet up with James and Arlene back in May of 2012 at Affiliate Summit Central and at the Share A Sale Think Tank in Austin, Texas.

I had ton of fun hanging out with them for a week.  In fact I even had a chance to go sightseeing with them and sit down with them for dinner and get a little one on one time with them and pick their brains a bit.

So if you want to learn more about how affiliate marketing works and how to improve your site this is a must listen to podcast.

Stacking Benjamins (Formally Two Guys And Your Money)

Stacking_Benjamins_PodcastOne podcast I’ve just started to recently is Stacking Benjamins with Joe and OG, also known as Average Joe and the Other Guy.  This podcast covers some great financial topics from managing your money to investing.

On top of that these guys know what they are talking about because have both worked in the financial industry.  However I haven’t had to much of a chance to listen to their new podcast Stacking Benjamins since they’ve rebranded their podcast, but what I heard so far has been very intriguing.

These guys also like to bring other top financial bloggers and professionals on to the show from Len Penzo, to Barbara Friedberg.  So take some time and check this podcast out today.

The New Business Podcast With Chris Ducker

The_new_business_podcast_with_Chris_DuckerThe New Business Podcast with Chris Ducker is probably one of my favorite new podcast around.  This podcast is designed for the small business owner to help make an impact in today’s business world.

Chris has had big stars from Pay Flynn to Darren Rowse of Problogger on his podcast and he brings tons of actionable tips for you to improve and build up your business.  I also like how Chris isn’t afraid to speak his mind and tell you like it is.

When it comes to running a business in todays world you need someone who will keep you up on the trends, so check out this podcast if you are a small business owner trying to make a bigger impact in the world today.

Social Triggers Insider

Social_Triggers_Insider_PodcastThe Social Triggers Insider Podcast with Derek Halpern covers everything from psychology to human behavior.   However I have not had a chance to listen many of Dereks episodes yet he has covered some great topics from how to make better decisions, to how to charge a 100x more than your competition.

Dereks podcast has pretty much left me speechless when it comes to the breadth of content he covers.  Even if you are not in sales or own a business this info can be so helpful to know.  Understanding how your mind works and why we do the things we do can be so helpful in building higher quality successful lives.

So take some time and download the latest episodes from this podcast today.

The Fizzle Show

The_Fizzle_Show_PodcastFinally one of the newest podcast I’ve been listening to is The Fizzle Show with Chase Reeves, Corbett Barr, and Caleb Wojcik.  This podcast is all about 3 guys and what they are doing to build their online businesses, covering topics from finding your voices to how they got started in the online world.

The thing I love about this podcast is that they get straight to the point about things and cut out all the BS.  This podcast recently just hit number one in the business category on itunes and as of this writing has just released their 7th episode.

This podcast is sure to become a big hit in time so check it out today.

Final Thoughts…

Now that I’ve shared my favorite podcast I’m up to hearing about what your favorites are.  Have you listened to any of these podcast I’ve mentioned below?

What Are Your Favorite Podcast to Listen To?

How’s everyone’s week going so far?  Here in Ohio we are being flooded right now.  In fact on Wednesday night we got around 3 and a half inches of rain and that doesn’t count all the rain we got on Thursday.  With all that rain it’s caused some major flooding in my area and my yard is a complete mud hole right now since I don’t have any grass yet.

Anyways this week has been a great week content wise for Stumble Forward, with two great articles.  Check them out below.

Odd Search Terms On Stumble Forward

  • construct a series of questions construct a series of questions - What?
  • if you are in debt should you live poor - No, but being a bit more frugal would help.
  • refinanced car, but laid off now they want pay stubs – Bummer

Video Of The Week

This week I thought I would share a great video which is a blooper reel for Pat Flynn’s new book Let Go.  If you’re not familiar with Pat Flynn he is an internet marketer making some serious money online these days. In fact in an average month this guy earns over $50,000 and he only started in 2008.

His new book Let Go documents his journey on how he got started but is really more than just a book, because he was the first publish his book on the new snippet platform by Apple.  On top of that Pat will also be speaking at FINCON13 this year as well.  This is probably one of the big reasons I would like to make it to FINCON this year if I can.  So check out his blooper reel and his new book.

Top 10 Personal Finance Articles Of The Week

It’s always so hard to pick the 10 best personal finance articles from week to week but I manage to make it work so if I didn’t include your article don’t feel bad I’m always trying to include everyone when possible.

Also I want to thank everyone who has helped support Stumble Forward over the last week or so with your comments, social love, and links.  I am truly grateful for your input and support.

Have a great weekend everyone.