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In addition to the down payment, a buyer will pay closing costs in connection with their purchase. If the combined amount of cash required is more than a buyer is comfortable with, then they may attempt to negotiate a seller credit for some or all of the closing costs. For example: a sales price of $400,000…

If you purchase in a cooperative, condominium or homeowner’s association, you will pay a fee to the association.  This fee is determined by the square footage your home represents in the overall square footage of the association – you will pay a percentage of the costs.  The members of the association will get together to determine…

Home insurance on your new home is required to approve financing for your home. Home insurance is also often referred to as homeowner’s insurance or hazard insurance, and these terms are interchangeable.   You’ll need to choose an insurance provider and agree to the coverage, deductibles, and cost for them to finalize the policy. You…

I am not a tax advisor.  But many clients have questions about how gifts both affect their mortgage application and their taxes.  I am happy to explain: Gift amounts There is no limit to the amount of the gift.  You may receive multiple gifts from multiple sources. 2. Gift sources A gift can be provided…