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We guide clients through real estate transitions with expert advice on buying, selling, and Mortgages
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We have lived in Tomball, Missouri City, Spring, Cypress and have worked from Richmond to The Woodlands to Sugarland to League City to Fulshear.
We are local Houston Realtors with the knowledge you need.
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How Much are Closing Costs for Buyer
July 22, 2023|Divorce, Estate Planning, For Sale, Katy, Life, Mortgages, Real Estate
To gain clarity on potential closing costs, buyers can use The Gifford Group's Buyer Closing Cost Calculator and Property Tax Calculator.
These tools help estimate expenses accurately, empowering informed decisions throughout the real estate journey.
Closing costs are an integral part of the home buying process, and if you're considering purchasing a property in the Lone Star State, you might be wondering who bears the financial burden of these expenses.
The closing costs generally range from 2% to 5% of the loan amount, although they can vary significantly since you can shop around for several expenses and get a better deal, as well as the fixed costs. But use our buyer net sheet Calculator to find yours!
Sometimes homebuyers overlook costs outside of the down payment and monthly mortgage payment when planning a homeownership budget, read about the Hidden cost of homeownership and how to save money!
How to shop for electricity in Houston to Save money!
Texas, like many states, follows certain conventions when it comes to allocating closing costs between the buyer and the seller.
Let's dive into the details and demystify the process.
Who Pays Closing Costs in Texas?
In Texas, it's common for the responsibility of covering closing costs to be shared between the buyer and the seller. However, it's essential to understand that this is not set in stone, and negotiations between both parties can lead to different arrangements.
Traditionally, the division of closing costs is split into two categories: those that the buyer pays, and those that the seller pays.
Read about the New 100,000 Homestead exemption.
Buyer's Closing Costs:
Loan-Related Fees: Buyers are typically responsible for costs associated with their mortgage loans, such as origination fees, credit reports, and appraisal fees.
Check out our Buyer Calculator to see how much Cash you will need to close!
Note Each type of loan has different fees! Be sure to get educated.
Conventional, FHA, VA, and Mortgage Refinance are our specialties!
Title Insurance: Purchasers often cover the cost of title insurance to protect their interests in the property. (sometimes a seller cost, but there is also Lender Title Policy)
Inspection Fees: Buyers may need to pay for various inspections, including home, pest, and structural inspections, to ensure the property's condition. ($325-$550)
Escrow Fees: The buyer may be required to cover the fees associated with the escrow process and the necessary funds to set up the escrow account. ($350-$750)
Read more at https://thegiffordgroup.net/seller-net-sheet-texas
Title Insurance: In Texas, it is customary for the seller to provide the buyer with a title insurance policy, covering the buyer's interests in the property. This is often referred to as a seller's title policy. This is normally a big cost.
Transfer Taxes and Recording Fees: The seller is typically responsible for transfer taxes and fees associated with recording the deed and other necessary documents
Real Estate Agent Commissions: The seller pays the real estate agent commissions, which are typically divided between the buyer's and seller's agents.
Other fees/costs: Home Warranty, Repairs, Surveys, and HOA fees.
To get a better understanding of your potential closing costs as a homebuyer in Texas, you can use the Buyer Closing Cost Calculator provided by The Gifford Group.
This handy tool will help you estimate the expenses you may incur during the purchasing process. Additionally, The Gifford Group offers a unique Property Tax Calculator that can assist you in calculating property taxes specific to your area, enabling you to plan your budget effectively.
Navigating the world of closing costs in Texas doesn't have to be a mystery. By understanding the typical allocation of these expenses and utilizing helpful tools like the Buyer Closing Cost Calculator and the Property Tax Calculator, you can make informed decisions on your home purchase journey.
For more information and access to these useful calculators, visit The Gifford Group's website at https://thegiffordgroup.net/home-buyers-guide.
Empower yourself with knowledge and prepare for a successful and rewarding real estate transaction in the great state of Texas!
Fort Bend County Property Tax Rates
FHA, VA, USDA, and Mortgage Refinance are our specialties!
Call us today or apply online to learn more about how we work and why more people are choosing us as their Katy mortgage lenders.
Are you in the market for a new home? Or need to refinance your current mortgage? Interest rates are at historic lows and a great time for new home purchases and mortgage refinancing.
If you are looking for a mortgage lender in Fulshear, we specialize in new home purchases, VA Home Loans, and FHA Home Loans.
As a local Mortgage Lender, we service our own home loans and have the flexibility to underwrite to our independent guidelines. This gives our Fulshear borrowers a substantial advantage over traditional banks and even traditional mortgage brokers in Fulshear.
We look forward to earning your business.
Want to buy? Down Payment Assistance Program Texas
Where else does The Gifford Group help in Real estate?
The Gifford Group has lived in Tomball, Missouri City, Spring, and Cypress and has worked from Richmond to The Woodlands to Sugarland to League City to Katy
We are local Houston Realtors with the knowledge you need.
We can also help you across the State of Texas if you need to purchase or refinance a home.
Searching for a Luxury Home, perhaps you want to find a Luxury home in Missouri City?
We have Houston Real Estate Covered!
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You can reach both Scotty Gifford and Amber Gifford at The Gifford Group.net
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Mortgage Loan officer & Real estate Agents
What type of Loan is right for you?
Conventional Loans
Conventional Loans have more options for a wider range of properties and buyers. Download our First-Time Home Buyer's Guide
FHA Popular with first time buyers,
FHA Loans allow borrowers with 3.5% down to finance a home. Normally will require include private mortgage insurance
Cash Out Refinance
A cash-out refi happens when you replace an existing home loan by refinancing a larger loan. Check out our Refiance Calculator
VA and HERO Loans
Our Hero Loan program covers both VA Loans as well as Hero loans for our Community Heroes. $0 down payment, Flexible Credit, and lower Rates, Learn more
VA Loans - one of the greatest loans around. Learn the benefits (thegiffordgroup.net)
Jumbo Loans
This limit is currently set at $766,550 , for most areas in the United States, but can be higher in some high-cost areas. Loans amounts that exceed this limit are considered jumbo loans.
Mortgage Banker | NMLS # 2357310
HOW MUCH WILL I MAKE SELLING MY HOUSE?
Our calculator makes it easy to quickly estimate the closing costs associated with selling a home & the associated net proceeds.
The Gifford Group agents are the area's top negotiators, setting record-breaking numbers for our clients selling their homes, and saving our buyers thousands of dollars on the purchase of their next home.
Are You Seeking Real Estate Help During Your Divorce?
Real Estate Agents and Lenders That Actually Specialize in Divorce Support
We can help you during all stages of divorce, not just Real Estate, as we have relationships with Lawyers, CDFA's, Inspectors, Mediators, Counselors, and more. We are a local Realtors and Lenders with the knowledge you need. Trust that you will always be working with professionals, and let us support you whenever you need it.
We work with Family Law Attorneys daily.
If you live in the Houston area and are thinking about or going through a divorce, contact us today. We are your Houston Divorce Real Estate experts.
See our Videos on Divorce and Real estate
Does The Gifford Group Only Help With Divorce Situations?
No, we can help with all real estate transactions. While Divorce Real Estate is our primary focus, all real estate transactions come with risks. We help uncover the risks that need to be addressed in almost every transaction. Read our blog.
Also, Check our New book, Two Roads, One Journey: Navigating Divorce Through God’s Grace - Divorce is more than an ending—it's a new beginning. Amber and Scotty share their inspiring journeys of faith and healing, offering hope and guidance to transform this challenging season into an opportunity for personal growth.
Even though you are not going through a divorce, it does not mean that our Network of experts is any less valuable to you.
We help with all transactions, selling a home and buying a home.
Looking to purchase or refinance your home, we can do that too!
We are The Gifford Group, We are real estate agents.
Have Katy Real estate Covered.
We can assist you if you are looking for a home.
Who Keeps the House in a Divorce in Texas? Who Has to Leave the House in a Divorce
Even a judge cannot alter a decision made by the husband and wife in mediation about who keeps the house.
But even if you get a divorce decree or a mediation order, it doesn't mean everything is decided about the house. While the divorce decree says who gets the house, it does not legally transfer the property.
We are divorce lending specialists with over 20 years of proven experience helping clients who are going through a divorce with their mortgage needs.
So, you need to make sure the property is solely in your name, or you may have trouble selling it in the future. What is Community property vs Separate property?
In addition to providing answers to questions about the home, our team is here to help you discover potential unknowns that might not have been apparent. We are here to assist you in making informed decisions about your home and help uncover areas of risk you might not know.
How to Buy your Ex Out of the House?
This divorce buyout calculator can give you an idea of how much equity you have to divide with your spouse. We can help determine how to calculate buying someone out of a house? How do I give my spouse equity in a divorce?
This will help you answer the question like, Can I keep the house or should we sell it? Can I Buy out my ex-spouse's Equity?
This Buyout Calculator can calculate three different scenarios and how much equity will be available to split in each case.
refinance divorce buyout
The divorce process can make real estate even more complicated. It is our goal to provide the answers to common questions, such as, What is my House worth?
Have you been court ordered sale of the house in a divorce?
Divorce Real Estate is our primary focus. We help uncover the risks that need to be addressed in almost every transaction.
We are local Houston Real Estate Agents and Lenders that specialize in divorce. There are several options that spouses need to consider when deciding on what to do with the family house.
Can a judge order you to sell your house?
Yes, this is a possibility. The Gifford Group is here to help you make informed decisions before you get to the point.
Even if the court orders you to sell the house, we can still help you. As a full-service real estate firm, we assist with all transactions, from selling and buying new homes.
Where Do You Turn During a Divorce? Divorce Is One Of The Most Stressful Events In Life.
We have both been through Divorce before, and we can assist you in navigating through the unknowns with the House. We are here to help. Remove the Fear, Learn the Facts. Our experience with divorce means we can assist you in navigating the unknowns. While going through a divorce, choosing a Realtor® is a very important decision. You may ask yourself.
Do I need a Realtor if I am going through a divorce?
The answer is YES, but you do not just want any Realtor, but one that Specializes in Divorce Real Estate.
When you are going through a divorce, your home is one of your largest assets, and you want to stay protected.
We can lead you through the divorce laws in Texas.
Use the Divorce Alimony Calculator below to calculator the total maintenance support you will receive and for how many years?
Divorce Experts in Texas, From The NADP Houston Chapter
Experts In Divorce From The NADP- Our company is a member of the Houston chapter of The National Association of Divorce Professionals. Our monthly meetings include Family Law Attorneys, Divorce Coaches, CDFAs, Lenders, Divorce Real Estate Specialists, and More. There are many great success stories we hear and share about how we are able to help divorcing clients, which is one of the main reasons we are a part of this group. In addition to this, we share referrals to assist clients experiencing difficulties in the divorce process. Second, the goal of NADP is to enable us to gain insight into areas outside of our main areas of expertise by sharing knowledge within the group.
We can provide a free consultation just like Divorce Lawyers in Houston, TX.
Can I keep the House in a Divorce? Compassionate Real Estate Support, Remove the Fear, Learn the Facts
Do you want Divorce Support from Local Lenders and Licensed Realtors? We hold the RCS-D designation - Real Estate Specialist - Divorce and the (CDS) Certified Divorce Specialist designation. We are equipped with valuable divorce-specific information and a customized communications skill set to work with and collaborate on low and high conflict divorce cases.
