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Life @ Home eNewsletter: February 2022 [Buyers]

HeaderDesign Element 1FEBRUARY 2022 | WHAT’S IN THIS ISSUE?

» What’s that fee? How to avoid getting overcharged during closing
» Worrying wiring: What to look for and what to fix
» 3 easy tricks for a warmer homeDesign Element 2What’s that fee? How to avoid getting overcharged during closingWhat’s that fee? How to avoid getting overcharged during closing

Fees are a normal part of closing, but that doesn’t mean they’re always reasonable. Here’s a quick primer on what to watch for.

Standard fees
These fees are a standard part of the mortgage lending process, and you probably won’t be able to alter them much if at all. However, do keep an eye out for any that seem suspiciously high.

Appraisal fee: Gets you an estimated value of the home. Averages $300 to $1,000.

Credit Report fee: Cost of pulling your credit report. Up to $50.

Document Preparation fee: Covers the time spent creating your loan estimate. Averages $50 to $100.

Home Inspection fee: Sometimes required to confirm the home is sound. Averages $300 to $500.

Loan Origination fee: This is the main way lenders make money. Averages 1% of the total loan amount.

Title fee: Cost to transfer title from the seller to the buyer. Can be multiple fees. Your Real Estate agent can help you determine if the fees are reasonable for the work your title requires.

Junk Fees
These are fees that don’t clearly line up with any added value or services provided. While they aren’t always avoidable, you can often negotiate them down. They may be itemized as:
Application feeBroker rebateLoan processing feeMortgage rate lock feeUnderwriting feeRemember that typical closing costs run anywhere from 3% to 6% of the purchase price. If your lender’s charging anything over that range, talk to your Real Estate agent. They can help you figure out where the problem lies and how to resolve it.Worrying wiring: What to look for and what to fixWorrying wiring: What to look for and what to fix

Have you ever looked at the wires in your home and wondered: What is that? How old is it? Is it safe?

You shouldn’t be stuck worrying about your electrical systems. Use this guide to help determine what’s in place and if it’s safe.

Knob & Tube is the oldest type of wiring in the U.S. It’s most likely to be in homes built before 1940. Look for wires that wrap around ceramic knobs. If the insulation shows no sign of degrading, this type of wiring usually doesn’t need to be replaced.

Cloth Wiring was common between the 1950s and 1970s, prior to plastic insulation becoming standard. The cloth often has a zig-zag weave. This type of wiring is considered a fire risk, as the cloth breaks down over time. If you have cloth wiring, an electrician can help determine if it needs to be replaced.

Aluminum wiring is in many homes built between 1965 and 1972. While the plastic-covered aluminum wire isn’t inherently dangerous, the connection points are. Excessive heat can lead to scorched ends on the plastic insulation and serious fire hazards. If you have aluminum wiring with signs of scorching at the connection points, have an electrician come take a look as soon as possible.

3 ways to prevent ice dams3 easy tricks for a warmer home

Keep cozy and lower costs with these three simple tricks!
1. Move furniture away from vents and radiators.
2. Use door snakes or door sweeps to block drafts.
3. Open your drapes when the sun’s out. Close them before sunset and during cloudy days.

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