New App Calculates Total Cash Outlay For Homebuyers
✉️ Want to forward this article? Click here.
The Close It! app.
An new app calculates the total amount of cash required when closing on a home, including closing costs, monthly mortgage payments and all other associated costs.
Close It! from local title company Federal Title will work on mobile devices — though it’s currently available only on the iPad — and creates a document that replicates what you would see on a HUD-1 on the day that a buyers closes on a new home.
According to Federal Title, the app takes into account 45 closing cost variables on the buyer’s side, like appraisal fees, title processing fees, and interest rates, and 22 variables on the seller’s side, like the first mortgage payoff amount, notary fee, and real estate commission, to come up with accurate numbers for both parties. Federal Title expects the estimated numbers to be within 0.1 percent of the actual, final numbers.
The app will work in DC, Maryland and Virginia, and buyers can start the estimation process when they first look at a home. The app will pinpoint the county and jurisdiction to determine the costs based on the regulations of that area. Line items can be edited manually as well.
See other articles related to: close it, closing costs, federal title
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/new_app_calculates_total_cash_outlay_for_homebuyers/7091.
Most Popular... This Week • Last 30 Days • Ever
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
This week’s Best New Listings includes a bi-level condo north of Adams Morgan's mai... read »
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Best New Listings: Windows Galore on Biltmore; One Up, One Down on Swann
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro