The mystery behind the fees, revealed!
Whether it’s a purchase or a refinance, all home financing will have additional costs associated to finalize the transaction. These additional fees, often called closing costs, can include, but are not limited to:
- Lender Fees
- Settlement Fees
- Escrow holdout
- Third Party Fees (appraisal, inspection, ect)
Within 3 days of submitting a complete home financing application, your loan officer will provide you with a Good Faith Estimate (GFE) detailing and providing an estimate of your closing costs. Take time with your loan officer to have the fees explained to you so you can fully understand what you’re being charged for.
Depending on the negotiations of your purchase contract, closing costs can be paid in part or full by you or the seller. Some home financing programs will allow you to have your closing costs financed into your loan. Your loan officer and real estate agent will help you negotiate and determine the best option for you.