Property Spotlight
 1 of 25 photos
San Diego
For Sale
$849,000
5 Beds / 3 Baths
| Views Of Bay, Coronado Bridge and Downtown!! Extensively Remodeled throughout!.. more >>
|
 1 of 25 photos
San Diego
For Sale
$1,595,000
5 Beds / 4 Baths
| Welcome to this Tuscan Villa -- Privately situated near the historic Sefton Estate in Point Loma... more >>
|
 1 of 13 photos
San Diego
For Sale
$3,395,000
4 Beds / 5 Baths
| Live the California Dream in this wonderful custom-built O''Neil Ford-inspired oceanfront estate overlooking the colorful Sunset Cliffs in southwest Point Loma... more >>
|
 1 of 20 photos
San Diego
For Sale
$865,200
2 Beds / 2 Baths
| Welcome to the paradise of La Playa, one of San Diego''s most sought after waterfront communities... more >>
|
 1 of 3 photos
San Diego
For Sale
$899,000
2 Beds / 2 Baths
| This is a gem. A diamond in the rough...Wonderful site, great views. The home is livable as it stands..... more >>
|
 1 of 12 photos
San Diego
For Sale
$774,688
3 Beds / 3 Baths
| UCED- Spacious home with spectacular views of Downtown San Diego and bay... more >>
|
|
View All Our Picks >>
|
|
|
|
A neutral third party holds documents and money for a local Point Loma real estate transaction and ensures
that all conditions of a sale are met. That in a nutshell is the definition of Escrow.
A special account that a lender uses to hold a borrower's monthly payments on Point Loma home taxes and insurance also refers to an escrow.
The amount of money that you will be required to come up with at escrow depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the Point Loma home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the Point Loma home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.
When you make an offer on a home, your local Point Loma real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. If you buy a HUD home, for example, your deposit generally will range from $500 - $2,000.
The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans
require 10-20% of the purchase price. That's why many first-time homebuyers turn to HUD's FHA for help. FHA loans
require only 3% down - and sometimes less.
Some Point Loma real estate buyers hold monies in escrow because it helps ease closing costs.
Closing costs - which you will pay at settlement - average 3-4% of the price of your home. These costs cover various
fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won't be caught by surprise. If you buy a HUD home, HUD may pay many of your closing costs.
|
|
|
