MORTGAGE QUESTIONS??

ASK Jono Sexton, Coldwell Banker Mortgage

EMAIL JONO

Q: HOW MUCH DO I HAVE TO PUT DOWN?

A: For owner occupied: from 5 to 20% dependent upon the type of property and the purchase price. For investment: 19% to 30%

Q: How much are closing costs?

A: For a $100,000 loan, approximately $1,600. For $200,000, $1,850. As you go up, every additional $1,000 of mortgage adds $2.50 to that figure.

Q: What are points?

A: A point is a fee. Each point is 1% of the loan amount ie. a $100,000 loan with 1 point fee costs $1,000. 2 points would be $2,000. These fees are in addition to the closing costs.