Escrow is a vital component of real estate transactions that ensures the safe and secure exchange of funds and documents between buyers, sellers, and lenders. Let’s explore what escrow entails, how it works, and its significance in real estate transactions. In real estate, escrow refers to the process of depositing funds, documents, and other valuable […]
Earnest money, a significant and often misunderstood element of real estate transactions, is a buyer’s tangible demonstration of commitment to purchasing a property. In this article, we will explore the concept of earnest money, its function, and its profound impact on real estate transactions. In the realm of real estate, earnest money is more than just a deposit. It’s
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Due diligence is a critical process in real estate transactions that involves thorough research, investigation, and analysis of a property’s legal, financial, and physical aspects. Let’s explore why due diligence is essential in real estate and the steps in conducting a comprehensive assessment. Due diligence in real estate transactions is not just a process, but a
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Down payments are a fundamental aspect of purchasing real estate, playing a significant role in the affordability and financing of a home. Let’s explore what down payments entail, how they impact homebuyers, and why they are essential in real estate transactions. In real estate, a down payment is the initial upfront payment made by a buyer towards the purchase
Understanding Down Payments in Real Estate: A Crucial Step Towards Homeownership Read More »
Debt-to-income ratio (DTI) is a crucial metric lenders use to assess borrowers’ financial health and determine their eligibility for a mortgage. Let’s explore DTI, how it’s calculated, and why it matters in real estate transactions. In simple terms, debt-to-income ratio measures the proportion of a borrower’s monthly income that goes toward paying off debts, including mortgage payments, credit
Understanding Debt-to-Income Ratio in Real Estate: A Key Factor in Mortgage Approval Read More »
Counteroffers are common in real estate transactions and play a pivotal role in negotiations between buyers and sellers. Let’s delve into the dynamics of real estate counteroffers and how they impact the buying and selling process. A counteroffer in real estate is more than just a response to an initial offer. It’s a strategic negotiation tactic where
Navigating Real Estate Counteroffers: What You Need to Know Read More »
Comparables, often referred to as “comps,” are crucial tools in the real estate industry used by buyers, sellers, and real estate professionals to determine a property’s value. But what exactly are comparables, and how are they used in real estate transactions? Let’s delve into the world of comparables and uncover their significance. In real estate,
Unveiling the Significance of Comparables in Realty: A Guide for Home Buyers and Sellers Read More »
Understanding contingencies is crucial in real estate contracts as they act as a safety net for both buyers and sellers. But what exactly are contingencies, and how do they influence realty transactions? Let’s delve into the importance of contingencies in the realm of real estate. In real estate, a contingency is a condition or clause included
Understanding Contingencies in Realty: A Crucial Element in Real Estate Transactions Read More »
A real estate commission is a fee paid to agents to facilitate a property transaction. It is typically calculated as a percentage of the final sale price of the property and divided between the listing agent (representing the seller) and the buyer’s agent (representing the buyer). Commission rates vary depending on the local market and the specific terms of
Understanding Real Estate Commission: How Agents Are Compensated Read More »
In real estate, collateral refers to the property or assets that a borrower pledges to a lender to secure a loan. It serves as a form of security for the lender, assuring that the loan will be repaid if the borrower defaults. Collateral plays a crucial role in real estate transactions, providing protection for both lenders and
Understanding Collateral in Realty: A Key Component of Real Estate Transactions Read More »
| Provider and Settlement Service | Charge or Range of Charges |
|---|---|
| Sonic Realty LLC | 1%-6% of purchase price |
| Sonic Title Agency, LLC |
Title Insurance Policy: $950 - $1706 on a $250,000 property. (Rates vary and are dependent on the state, selling price, and loan amount on the property.) Title Search Fee: $250 - $325 (where applicable) Closing Fee: $450 - $650 |
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Sonic Loans Inc. This company provides various real estate mortgage loan origination activities either as a third-party originator or a mortgage broker, including loan pre-qualification, competitive bid process (when providing third-party origination services), loan origination, loan pre-approval, loan structuring, processing, and closing. |
Loan Origination Charge: 0-3 % of loan amount (may include 3rd party fees) Loan Discount Fee/points: 0.5%-6% of loan amount. Application/Processing Fee: $0.00 - $875.00 Flood and tax service: $0.00 - $95.00 Underwriting Fee: $0.00 - $1295.00 Document Review Fee: $0.00 - $400.00 Appraisal Fee: $0.00 - $850.00 Credit Report Fee: $0.00 - $135.00 Actual charges may vary according to the particular lender selected, the particular services provided, and the underlying transaction, borrower selections, etc. Some or all of these fees may be charged by third parties and/or the Member Mortgage Lender/Mortgage Broker. The Member Lenders and Mortgage Brokers have agreed to pay a fee ranging from 0.5% to 2.75% of the loan amount to Sonic Loans in connection with a range of loan origination services provided by Sonic Loans to the Member Lender/Mortgage Broker. The fees are paid either directly to Sonic Loans by the Member Lender/Mortgage Broker or billed directly to you at closing. |
| Provider and Settlement Service | Charge or Range of Charges |
|---|---|
| Appraisal Fee | $0-$800 |
| Credit Report Fee | $63-$125 |
