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Closing Costs

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NEWS
May 9, 1995
Next Monday night, the Baltimore County Council will take one of its more important votes of the year. The panel will decide whether to halve the discount received by county homeowners when they pay their property tax bills before Sept. 1.At the urging of County Executive C.A. Dutch Ruppersberger, the county's Annapolis delegation recently approved a bill granting this power to the local council.Mr. Ruppersberger sought passage of the bill as the first step in his campaign to lower Baltimore County's onerous closing costs.
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NEWS
Advertorial Content by RYAN Homes | June 14, 2012
ADVERTORIAL CONTENT With Howard County's popularity, new homes here command premium prices. But Ryan Homes is breaking that trend with the introduction of Pleasant Chase, an enclave of 33 new single-family homes located just east of Columbia. Pleasant Chase offers all the best of Howard County: easy access to Routes 100, 175 and I-95; close proximity to destination and daily need shopping; and plenty of outdoor recreation and family entertainment. It also offers the best new single-family home pricing in the entire county, with prices one would expect to see in a townhome community, allowing buyers to gain the growing room they need at the right price and in the right location.
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NEWS
August 5, 1993
Today's low interest rates are scant consolation to would-be homeowners who simply do not have enough cash to pay the closing costs. Those costs -- which include one full year's property taxes as well as points and transfer and recordation fees -- are particularly high in Baltimore City.Late last year the municipal government earmarked $2.5 million for a program in which purchasers of homes costing $60,000 to $100,000 can borrow up to $5,000 for closing costs. The Neighborhood Housing Services of Baltimore is now taking the idea further by offering similar closing-cost loans for less expensive homes.
NEWS
Advertorial Content by Ryan Homes | May 14, 2012
ADVERTORIAL CONTENT The allure of city living continues to draw interested homebuyers to downtown Baltimore. With its historic landmarks and social centers like the Inner Harbor, it's no wonder so many are looking to call downtown Baltimore their home. In response to the growing demand for new construction homes in the city, Ryan Homes has opened the doors to the lowest-priced new townhome and condominium community in Baltimore, Wyndholme Woods. Perched on a hilltop with a picturesque wooded setting, this metropolitan oasis combines the convenience of an urban lifestyle with the charm of low-maintenance, suburban living.
NEWS
March 9, 1995
How often must it be stated before reality sets in? Maryland's sky-high real estate closing costs are killers. People pick Virginia or Pennsylvania rather than fork over an extra $6,500 or $8,400 at settlement time. Corporations pick other states to avoid huge extra expenses connected to exorbitant Maryland housing fees.Closing costs in this state are among the worst in the nation: They are 73 percent above the national average. It's a big disincentive in trying to lure firms and families to Maryland.
BUSINESS
By Staff Report | December 26, 1993
Marylanders face some of the highest closing costs in the nation, but a state law goes into effect Saturday that could help many first-time homebuyers.The law, passed this year by the General Assembly, gives Maryland's counties and Baltimore City the right to require from buyers less in property taxes at settlement. Buyers must now pay about 14 months' worth of taxes upfront at closing; the new law would allow jurisdictions to reduce that to about 7 months' worth.For example, the buyer of a $100,000 home in Baltimore could have his tax bite at closing reduced by about $1,300.
BUSINESS
By Alyssa Gabbay and Alyssa Gabbay,Special to The Sun | January 12, 1992
With legislators engaged in untangling the state's fiscal crisis, there probably won't be much time to consider real estate matters in the 1992 General Assembly.Still, real estate industry representatives will press for legislation that reduces closing costs for Maryland homebuyers, and will oppose any bills that could boost these costs.For the third consecutive year, the Maryland Association of Realtors (MAR) will support a bill permitting homeowners to pay property taxes on a semiannual basis, rather than annually.
BUSINESS
November 21, 1993
QUESTION: How do you calculate closing costs? What are the major components, and how do they vary among the city and the surrounding counties?ANSWER: The best way to calculate closing costs is to simply go to a lender, real estate agent or title company -- they are usually happy to do the math for a potential customer. In general, closing costs in Maryland are about 5 to 6 percent of the purchase price.The major components of the closing costs are the state and local transfer and recording costs, about 13 months escrow for real estate taxes and lender charges.
BUSINESS
By JAY HANCOCK | December 16, 2007
The Maryland Court of Appeals decision that state-chartered banking companies may not recover closing costs on home equity loans if a loan is retired within three years is quite stunning. For years state banks have required borrowers to repay appraisal and courthouse filing fees if they close an equity line or pay back a loan within three years. When banks extend home equity credit they incur $1,000 in costs usually paid by the borrower. They agree to waive the costs - and extend the loan closing-fee-free - if the borrower agrees to continue as a customer for three years.
BUSINESS
January 25, 1998
Freddie Mac, a stock-holder-owned corporation created by Congress, has launched a program that could save homebuyers hundreds of dollars on their mortgage and closing costs.Called HomeSteps, the program provides properties that are in "move-in" condition and are owned by Freddie Mac.According to John Czerw, head of the program, Home-Steps will perform maintenance items, including painting, carpet repair or replacement as well as servicing heating and air conditioning units.As for the financial aspects, HomeSteps has made special seller-financing arrangements with lenders who can provide financing for up to 95 percent of the purchase price.
NEWS
Advertorial Content by Ryan Homes | April 25, 2012
ADVERTORIAL CONTENT Ryan Homes, Baltimore's #1 Homebuilder, is pleased to announce the best new townhome value in the sought after Bel Air Area. Monmouth Meadows Townhomes, priced from the $230s, offers 3 levels of spacious living with several floorplans to choose from to suit your lifestyle. This amenity-rich community includes a swimming pool and clubhouse, perfect for neighborhood gatherings. Located in Harford County, Monmouth Meadows Townhomes offer easy access to I-95 and are only 30 minutes to downtown Baltimore.
NEWS
Advertorial Content by Ryan Homes | April 13, 2012
ADVERTORIAL CONTENT Tanyard Springs, an amenity-filled community of 3-bedroom luxury townhomes located in Glen Burnie, offers residents a secluded atmosphere close to popular commuter routes, shopping, dining and the nautical charms of nearby Pasadena. Priced from only the $250s, Tanyard Springs offers buyers a convenient location with a luxury lifestyle all at an affordable price. Tanyard Springs is the ideal place for homebuyers with a love of outdoor adventure. The secluded community is surrounded by a mature forest conservation area, and the recreation-focused amenities include a state-of-the-art clubhouse, swimming pool, fitness center, tennis and basketball courts, soccer fields, picnic areas, walking trails, a dog park and more.
BUSINESS
Yvonne Wenger | March 29, 2012
I wanted to help get the word out about this unique program available to the middle class in certain city neighborhoods through the nonprofit Healthy Neighborhoods that could give $6,000 toward closing or $25,000 grants to fix up an abandoned or foreclosed home or one that's subject to a short sale. Here's the catch: You have to live in the home; it can't be an investment property. But the income levels are much higher than many government programs. Individuals can qualify if they earn up to $71,900 a year.
NEWS
By Yvonne Wenger, The Baltimore Sun | March 24, 2012
Shandra Brown has a big goal: to buy a house before her 21st birthday in September. On Saturday, she came to Belair-Edison with her mother, Rene, for a Healthy Neighborhoods event that highlighted resources available through the nonprofit, including a $26 million federal stimulus grant to bolster home ownership and strengthen communities. "I wanted to give this gift to myself," said Brown, a Towson resident, full-time student at the Community College of Baltimore County and part-time phlebotomist.
NEWS
By Advertorial Content by Ryan Homes | August 12, 2011
ADVERTORIAL CONTENT More space, more style, more convenience and more value - Ryan Homes has long been recognized for knowing exactly what families are looking for when they're ready to move into a larger next home. For discerning move-up families in Baltimore County, Ryan has recently launched sales at Fieldcrest, a new community of executive style single-family homes in White Marsh. This large, master-planned community is located just off Allender Road, allowing quick access to Routes 7 and 40, I-95 and I-695, making it an easy starting point for commutes to anywhere in Baltimore County.
NEWS
July 8, 2011
ADVERTORIAL CONTENT   With all the negativity about today’s real estate market, people can easily forget the huge positive about current market conditions:  For first-time homebuyers, this is one of the best moments in American history – ever – to finally break free from renting and start building equity in a home that they own. Mortgage interest rates are still phenomenally low, and with today’s prices, many new-construction homes...
BUSINESS
By Patricia Horn | September 11, 1994
Maryland's home settlement costs are already among the highest in the country. A 1988 survey done for the National Association of Realtors showed that Maryland's transfer and property taxes rank behind only Pennsylvania, Delaware and New York.Why are Maryland's closing costs so high? And, what, if anything, can be done to bring them down?Michael GisrielSenior Vice President,Fountainhead Title Groupof ColumbiaMaryland is among the top five or six states in the country on closing costs. It is real easy to understand why when you study the question.
BUSINESS
By KENNETH HARNEY | February 16, 2003
THE HOTTEST trend of 2003 in new home mortgages and refinancings? Would you believe it's something that consumers have sought for years: Fixed-price, guaranteed packages of closing costs, where you know the bottom-line expenses at application and there are no 11th-hour surprises. Lenders and brokers nationwide are introducing competing prepackaged or "bundled" settlement deals to pull in rate shoppers. In most cases, the fees vary with the size of the mortgage and location of the property.
NEWS
June 22, 2011
Baltimore's $1.2 million settlement agreement with a group it had picked to develop a parcel the city now wants to make available for a slots casino was the right thing to do. There was no indication that the Gateway South sports/office complex originally slated for the site was going to come to fruition anytime soon, and it was important to resolve any legal entanglements over the parcel — which fronts Russell Street between M&T Bank Stadium and...
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