What are Recurring and Non-Recurring Closing Costs?
What are Recurring and Non-Recurring Closing Costs? For many buyers, closing costs can seem complicated. Buying a home itself is already such a large, complicated purchase, and when closing costs and terms like “recurring” and “non-recurring” are thrown into the mix, it’s easy for buyers to get overwhelmed. Let’s go over recurring and non-recurring closing costs so you understand closing costs when it comes time to close on your new home. First off, you’ll find information about your recurring and non-recurring closing costs in your loan estimate. When you get approved for a mortgage and start the closing process, your lender will provide you with a loan estimate. Your loan estimate includes specific information about your closing costs and your monthly mortgage payment. Within your loan estimate, you’ll see that you only have to pay some closing costs once. These are non-recurring costs. These costs include your escrow and closing fees, attorney fees, appraisal and home inspection costs, lender loan fees, a home protection plan, and your title insurance policy. There are other costs that you may end up having in this category, but the important thing to remember is that these costs are a one-time deal. Once you pay them during closing, you won’t have to pay them again (unless you buy another house). However, some closing costs need to be paid more than once. These are referred to as recurring costs, since they happen repeatedly. Recurring costs include your property taxes, your private mortgage insurance premium, prepaid interest, and flood insurance and fire insurance premiums. Recurring costs are typically wrapped into your monthly mortgage payment. You might not think about them often, but it’s important to know that they’re there. Your lender should walk you through all of your closing costs and the different elements of your loan estimate. Remember–if you have any questions, all you have to do is ask your lender or your real estate agent. I’m also here to help.
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Tips to Lower Your Electric Bill
Tips to LowerYour ElectricBill Right now is the perfect time to lower your electric bill, and I’m sending you the best tips on how to do just that! As energy costs just keep rising this year, it’s smart to conserve that energy and save those dollars. It’s a win-win situation for the environment and your wallet! Tip 1. Install dimmer switches: Not only do dimmer switches add a more cozy ambiance to a room, but they also conserve energy by decreasing the amount of electricity used. As an added bonus, buyers love to see dimmer switches, and they can help your home feel more updated. Tip 2. Install ceiling fans: Ceiling fans increase air circulation in a room, which is obviously great for the summer to get some much-needed breeze going. But did you know that ceiling fans can reduce heating costs in the winter, too? If you switch the way that the fan turns, it will push the hot air down into the occupiable space, making the room feel warmer. As a result, ceiling fans are definitely worth the cost and time to install. Tip 3. Change filters regularly: If you have central air, this is a big one. When your filters get old and full of dust and debris, they make the return vent mechanism work harder to get the same amount of air into the system. As a result, more energy is used. Avoid this by setting a reminder in your phone or your calendar to change your filters regularly! Tip 4. Schedule yearly HVAC maintenance: Keep your system working at its best and most energy-efficient by having maintenance done on an annual basis. In addition to keeping things running smoothly, you’ll also extend the life of your HVAC system and catch any problems early on. Tip 5. Switch to LEDs: LEDs last forever, reducing the amount you spend on lightbulbs, and also use way less energy than incandescent or CFL bulbs. You can also get them in many different light temperatures so you can customize the look of your rooms when the lights are on. Win-win! Tip 6. Add landscaping for shade: Increasing the shade around your home can save you a surprising amount of cash in the summer months in addition to upgrading your curb appeal.It only takes a little time and effort to lower your electric bill and save energy as these tips have shown. Making small changes like these definitely adds up over time and will help you save money on your electric bill!
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