Closing Costs Assocation with your Downtown San Diego Home Purchase

July 6th, 2015

“Closing costs are often the last thing a person thinks of when buying a Downtown San Diego Condo. While closing is the joyous moment the downtown condo becomes yours, the costs can be surprisingly aggravating.

When you purchase a home, condo or other property, you will go through a period known as escrow. During escrow, various issues related to the property transfer are worked out. The last day of escrow is known as the closing day and you are going to be paying closing costs.

Here’s a list of typical costs:

Escrow Fees: An escrow agent is essentially a third party that works with the seller and buyer to finalize the transaction. For this assistance, the escrow agent will charge a fee. Depending on your area and the agent, you can expect fees from a few hundred dollars to around a thousand or so. Make sure you find out the fees before picking an escrow agent.

Home Loan: Obtaining a home loan in the current market is a highly subjective event. “Points” can be a major cost associated with home loans. A point usually equates to 1% of the loan. On a loan of $300,000, one point would equal $3,000. If you have excellent credit, you can shop for a loan that doesn’t require you to pay points.

Home and Title Insurance: Insurance for your home and title are a must. If you are borrowing money to purchase the home, each is mandatory. If you are using your own funds, you should still get both forms of insurance. As each name implies, they provide insurance against issues involving your home and problems with the title transferred to you. You want to have clear title.

PMI: Private Mortgage Insurance, “PMI”, is mandatory if your down payment is less than 20% of the purchase price. You can expect to pay a few hundred dollars a year in PMI.

Inspections, Appraisals and Miscellaneous Fees: In the home purchase process, you are going to use a variety of services to validate the property is your dream home. These services come with fees and you can expect to pay for home inspectors, appraisers and the like.

Closing escrow on your Downtown San Diego Condo should be one of the happier days in your life, particularly if it is for your first home. Make sure you know the costs associated with it so you don’t have to spend the day running around borrowing money.”

The Latest Headlines

CityFront Terrace San Diego Market Updates

CityFront Terrace – Market Updates CityFront Terrace is located at 500 West Harbor Drive in the Marina District. Built in 1993, CityFront offers 13 stories and over 300 residences, which include one,......

read more

Role of the HOA in the purchase of your Downtown San Diego Condo

“When buying a condo, we are all seduced by the decor, the ambiance, the view, and other visual effects, when we should really be checking something else that is not visual! The......

read more

La Vita San Diego Market Updates

Icon – Market Updates Bounded by Beech, State, Cedar and Union Streets in the Little Italy neighborhood of Downtown San Diego is La Vita, a 24-story, 304-unit community. Amenities at La Vita......

read more

Downtown San Diego Market Updates

Downtown – Market Updates April 2015 Downtown Market Update View the Downtown Market Update February 2015 Downtown Market Update View the Downtown Market Update December 2014 Downtown Market Update View the Downtown......

read more

Park View San Diego Market Updates

Park View – Market Updates Park View is a three story complex located at 1650 Eighth Avenue on Cortez Hill. Developed in 1980, this is one of older downtown San Diego developments.......

read more

Treo San Diego Market Updates

Treo – Market Updates Treo, bounded by Kettner Boulevard and A, B and India streets, is a 24 story, 326 residence development found in the Columbia District. Built as mixed use, Treo’s......

read more

2012 Top Sales Associates

2012 was a great year for Gregg and Debbie Neuman; out of a list of ten, Prudential California Realty named them the top team in production. And that’s not all-the Luxury Real......

read more

Eight Tips for Selling your Downtown San Diego Condo

One of the biggest mistakes people make when selling a house, is not understanding real estate value. It doesn’t matter at all what you think your home is worth. The value of......

read more

Atria San Diego Market Updates

Atria – Market Updates Atria condos are located at 101 Market and encompass the entire city block bounded by First & Second Avenues and Market & Island. Atria is conveniently located in......

read more

Money making upgrades for San Diego Condo Owners

The warm and sunny seasons of spring and summer are still months away but owners of San Diego condos are already starting to come up with ideas in making sure that their......

read more

Get Listings and Articles Delivered Straight to your inbox

  • This field is for validation purposes and should be left unchanged.