Closing costs are a part of getting a home loan. These fees will be charged by both us and third parties, and most closing costs will be paid by the buyer, not the seller when the loan closes. You can negotiate with the seller to pay a portion of your closing cost. The % of the closing cost they are allowed to pay varies based on program and loan to value.
After applying for a loan, we will provide you with a loan estimate (LE), within 3 business day after application, along with a closing disclosure (CD) containing loan or transaction information received a minimum of 3 business days before closing.
Closing costs will depend on the home, loan type, and area, but common fees include:
Some fees are charged by us, but many will be charged by a third party.
This appraisal determines the market value of your home, and we will require the appraisal before approving your loan amount.
This fee is charged so we can review your credit report. The fee will be charged by the credit bureau.
The title company will charge a closing fee for the transaction.
This fee will be charged by the title company to search property records, including prior deeds, court records and property indexes to make sure the title is clear.
If necessary, this fee will be charged to verify boundary lines.
We will require a Lender's Policy, which protects them by ensuring the mortgage is a valid lien on the home.