Don't Forget Closing Costs
"Closing Costs" are the fees that pay for various services involved when you sell or buy a home. Sellers & buyers almost always negotiate the payment of these closing costs.
Many of the closing costs associated with buying a house are associated with getting the mortgage loan. At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very soon after you submit your application, we will give you a "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org)'s experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can vary a little bit at the closing table.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can answer questions about these closing costs. Call us at 214-300-8756.