QS 17: Understanding Closing Costs, Good Faith Estimates (GFE), Loan Points, Title Insurance

Today's Quick Start comes from Creating Wealth Episode 575, originally published in September 2015. We break closing costs down into small pieces to support Jason’s #1 rule of investing, thou shalt become educated. Understanding which costs are fixed and which are variable will help you to protect yourself and allow you to become your own best advisor. We take the confusion out of calculating the fees. And, will private equity firms be the next big player in the mortgage game? Key Takeaways: [3:01] An article about character - the essence of a person [7:07] If you don’t stand for something you’ll fall for anything [7:51] Artificially intelligent ads [8:37] Edward Snowden, Hero or Villain? [11:04] As banks retreat private equity rushes in [11:37] Meet the Master event in January, SoCal - Get your earlybird pricing Guest Interview with Joe: [15:45] Looking at lender fees [17:15] Requirements for good faith estimates [19:52] What are lender or origination fees [21:01] Using an example of $142,500, figuring out the closing costs [22:40] Insurance charges for lenders and owners [23:49] Lender’s title insurance is one of the highest fees on the estimate [24:11] Depending on your state the seller provides the clean title insurance [25:01] Transfer stamps/taxes are local municipal charges [27:07] Recording fees [37:50] Points are fees to buy down the interest rates Mentions: Venture Alliance Mastermind Newser Article Dennis Waitley @edwardsnowden JasonHartman.com