It’s a magical moment: your mortgage has been approved, your offer has been accepted, and you’re on your way to being a homeowner. All you have to get through is the closing. But… what happens there?
You do have financial obligations at your closing, and it’s important that you’re very clear about what they are. The loan-related costs you’ll need to pay vary; they depend on the type of loan you’re receiving and on its size.
Closing costs can include:
- Down payment
- Out-of-pocket costs (appraisal fees, payment for a credit report, home inspection fees, and the loan application fee)
- Title insurance
- If the loan requires it, escrow.
- Proof of homeowners’ insurance
- Loan origination fees
Different lenders will charge different fees, and it’s important that you understand at the beginning what will be required of you. The closing costs may even determine your choice of a loan or of a lender!
If Avrus Financial and Mortgage had the privilege of working with you on your mortgage loan, we’ll be there with you every step of the way helping you understand what you need to pay, why you’re paying it, and when you’ll need to pay it. Some fees may even be negotiated; we can advise you on those as well.
We’re your partner in the loan application process, and we’ll be there to explain to you all the various components of your loan in general and what will be required of you at closing in particular. We’ve helped hundreds of families navigate the intricacies of closing costs, and we can help you, too.
Why not ask us how… today?