Aloha All! I am so excited to share with you this new community that just had its Grand Opening. Last weekend I had the pleasure of being able to view this brand new development in Ewa Beach on Oahu. This development has 4 models to choose from (preview of all four models). There will be two different 4 bed/3 bath models and two 3 bed/2 bath models to choose from; both have features like lofts or fourth bedrooms to add, some even have third car parking places. The prices are starting in the mid $500k to $565k range.
SEAbridge by Gentry models above:
- March/April 2017 estimated move-in for first phase
- Model Address: 91-1159 Kamakana Street
- Near the new Ka Makana Alii and Laulani Shopping Centers
- Near the Coral Creek, Barber’s Point, Hoakalei, and Hawaii Prince Golf Courses
- Near the beach
- USDA, VA, FHA, CONV loans are still available. Current VA, FHA, and USDA rates start from 3.375%. Hawaii State MCC program is still available! Interest rates are subject to change.
- Gentry will pay up to 2 points and non-recurring closing costs up to 1%, if the approved lender is used
Model Makani Plan 3: 3 Bed, 2.5 Bath
Below is a quick overview of closing costs when buying a home:
There are many potential homebuyers, and even sellers, who believe that they need at least a 20% down payment in order to buy a home or move on to their next home. Time after time, we have dispelled this myth by showing that many loan programs allow you to put down as little as 3% (or 0% with a VA loan).
If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs. Freddie Macdefines closing costs as:
“Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage. These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 and 5% of your purchase price.”
We’ve recently heard from many first-time homebuyers that they wished that someone had let them know that closing costs could be so high. If you think about it, with a low down payment program, your closing costs could equal the amount that you saved for your down payment.
Here is a list of just some of the fees/costs that may be included in your closing costs, depending on where the home you wish to purchase is located:
- Government recording costs
- Appraisal fees
- Credit report fees
- Lender origination fees
- Title services (insurance, search fees)
- Tax service fees
- Survey fees
- Attorney fees
- Underwriting fees
Is There Any Way To Avoid Paying Closing Costs?
Work with your lender and real estate agent to see if there are any ways to decrease or defer your closing costs. There are no-closing mortgages available, but they end up costing you more in the end with a higher interest rate, or by wrapping the closing costs into the total cost of the mortgage (meaning you’ll end up paying interest on your closing costs).
Homebuyers can also negotiate with the seller over who pays these fees. Sometimes the seller will agree to assume the buyer’s closing fees to get the deal finalized, which is known in the industry as ‘seller’s concession.’
Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.
If you need any information about selling or about buying a home, please contact me.
Aloha for now! See you next time!
P.S. I love my Ewa Beach Life and would love to share with you about it!
Live the dream...Get your Hawaii Life now.#MMSellsHawaii